The idea of cryptocurrency lies in financing accessible to everyone, regardless of what part of the world they reside in. This is where DeFi, short for “decentralized finance”, steps in. Previously known as “open finance”, this movement aims to provide access to financial services like savings, loans, insurance, trading, and more – all with the help of blockchain technology.
Last week, we started the SpectroCoin blog series educating on various crypto topics. Today, we are excited to continue by sharing some insight into DeFi and take a closer look at the benefits and challenges that come together with the term.