Changpeng Zhao believes that decentralized finance (DeFi) and decentralized exchange platforms (DEXes) will surpass their centralized counterparts in the long run.
Latest DeFi News – Changpeng Zhao, the CEO of Binance, predicts that decentralized blockchain projects will overtake centralized finance (CeFi) in the next 10 years. In an interview on the Bankless YouTube channel, he stated:
“I think in five or 10 years, decentralized exchanges will be bigger than centralized exchanges… I would say maximum, in 10 years, DEXes [and] DeFi are going to be bigger than CeFi.”
Zhao also added that while He believes decentralized crypto protocols will outperform centralized ones, He still believes in a future where they can coexist, as many people will still prefer the conventional methods of accessing their accounts.
According to him:“I think it would take a long time for the centralized exchanges to go to zero, but I think it will take five [or] 10 years [before] DeFi is going to be bigger than centralized ones, but the centralized ones will continue to play a role for many decades to come.
I think because there are still many people who are much more comfortable using an email and password. If you ask my parents’ generation, they would much prefer [email and password] instead of using a USB stick to do encrypted backups of their private keys in a distributed manner…
I think the technology will improve to a point where the decentralized stuff will be much more usable. It’s actually easier to use because you don’t have to do KYC [know-your-customer regulations]. You don’t have to do all of these very tedious processes. You can have on your own control of your wallet.”
Source: The Pipsafe Team
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