The Sergey Nazarov Lendit Fintech Conference Appearance

The Sergey Nazarov Lendit Fintech Conference Appearance Adds Further Excitement To DeFi Space

When Chainlink founder Sergey Nazarov talks, we listen. The Sergey Nazarov Lendit Fintech conference yielded some interesting and exciting comments on the DeFi space from Sergey.

He believes that DeFi can capture a lot of the share of the banks and Fintech firms, and that DeFi is here to stay. 

“Let me be very clear with all the fintechs and banks, which I am in every call I have with them – this isn’t going away. This is the internet coming for a big part of your business…If you’re a bank, if you’re a fintech I would strongly recommend that you ask yourself when and why users will want to use decentralized financial products. Here’s one answer – a bank can give them 1%. On Aave, they can get 8%. The only reason they’re not on Aave is because they don’t know how to get on Aave.”

Aave has certainly been going from strength to strength recently, which is reflected in ATHs hit today (18, May 2021). Comments from Sergey will only add more clout to the platform too. 

Ultimately the DeFi platforms return on investment, transparency, and control relative to banks are huge pros in favour of DeFi and more and more people will soon realise this. If the banks and Fintech really want to up their game and compete, Sergey offered this advice:

If you’re a fintech and if you’re a bank, I think what you should do is think about how can you provide access to these protocols from your interfaces because you own the user relationships… If you want to keep owning those user relationships, you all know that you have to keep giving the users what they want.

And if the users want cryptocurrency now, what they’re going to want soon is the ability to earn interest on their cryptocurrency. And then they’re going to want to be able to use their cryptocurrency in protocols related to derivatives and so on and so on. And the people who give them that access are going to be the people who retain their business.

Sergey Nazarov has been around the Crypto and Blockchain industry for a decade or so, and always has a great take on the future technological benefits it can provide. He’s certainly made some pretty irrefutable points here, and we can only agree on how much potential the DeFi space has…

What did you make of the Sergey Nazarov Lendit Fintech conference appearance? Let us know in the comments section below. 

If you’re interested to learn more about what Sergey Nazarov has founded in the Chainlink project, be sure to read our quick guide here, or head to chain.link. We’ve also compiled the best and safest places to buy Chainlink here.

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