Rep claims his firm was 8 years ahead of its time on DeFi

CoinTelegraph

DeFi failed to catch on eight years ago, according to comments from Yoni Assia, founder and CEO of financial platform eToro.

“I think that DeFi is super interesting,” Assia said on Oct. 6 during a panel on crypto exchanges and venture investments, as part of the LA Blockchain Summit.

How To Get Free Crypto  

“We actually built a decentralized exchange back in 2012 based on the Colored Coin protocol we developed in eToro, which was tokenizing assets on top of the Bitcoin network, so this was really really premature — the beginning of thinking of tokenization.”

Ethereum has made a name for itself as one of the go-to networks for decentralized applications. The Ethereum blockchain, however, did not come along until 2015, so prior innovators took to other chains using the industry’s first network, Bitcoin. 

“We actually built an exchange with atomic swaps on top of Bitcoin,” Assia said. “Waiting for eight to 15 minutes for a swap to actually happen, and the lack of actual stablecoins and real assets on the Bitcoin network, actually made this very much premature.”

Back in 2012, the crypto space only yielded a tiny fraction of the use cases, assets, blockchains and tools currently available eight years later. It would seem that eToro had a good idea, but was much too early.

Assia also said he maintains a positive outlook on the future of DeFi from here, in part due to its potential to simplify traditional finance while adding transparency and speed.

Coinbase Banner  

Today, the DeFi space continues seeing mammoth growth as speculators pour their capital into the latest yield opportunities. 

Go to Source
Author: Benjamin Pirus


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.