CEO of Diginex, Richard Byworth discusses the current hype surrounding DeFi

Quick Take

1.5 minute read

  • One of the hottest topics in cryptocurrency currently is DeFi. 
  • This industry has significantly grown over the past few months in 2020 and the intense growth of this trend doesn’t seem to be ending any time soon.

One of the hottest topics in cryptocurrency currently is DeFi. This industry has significantly grown over the past few months in 2020 and the intense growth of this trend doesn’t seem to be ending any time soon. The Chief Executive of the blockchain services company Diginex, Richard Byworth has spoken on the future of the decentralised finance sector in that he hopes that the space doesn’t turn out to be a flop just like the initial coin offering hype of 2017.

Over the past few months, DeFi has been the one thing that has been trending constantly, and even though it started as an industry with riches, it has spiked up to a $9 billion of total locked value in the space of just months.

Speaking in an interview with the Morgan Creek digital co-founder Anthony Pompliano, the CEO gave his views on the situation suggesting that this new nascent technology is “like trying to fly to the moon in a cardboard box“.

He further went on to say:

“I mean, you’re going to get yourself into trouble along the way, and, you know, things are going to break and burn up, as we’ve already started to see.”

Many have compared DeFi to a bubble and as previously mentioned, to that of the ICO hype of 2017. The CEO further went on to say:

“I definitely look back to 2017, and this DeFi thing is probably not what we need right now,” Byworth added. “We’ve got MicroStrategy coming in, we’ve got Paul Tudor Jones coming in, we’ve got some really serious hitters starting to pay attention to this industry and I just hope that DeFi doesn’t become another ICO craze that people go, ‘you know what, everyone’s crazy in crypto,’ and stay away from it for another few years.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source link

Leave a comment