NEO creator says DeFi could replace the traditional banking sector

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NEO creator Da Hongfei believes that the DeFi craze is not fading away and  it is just beginning and could replace the traditional banking sector. He said that the decentralized finance world has achieved the improvements traditional finance has built over the centuries in a very short time.
Neo founder Da Hongfei said that he doesn’t think the decentralized finance (DeFi) world is a short-term trend and that the interest in DeFi projects is at the very beginning. In his statements, he added that the maturation process of the traditional banking sector takes hundreds of years and DeFi is just the beginning. Stating that the DeFi industry is traveling much faster, Da said that more financial products and services are provided for DeFi users every day.
He argued during the live broadcast that the infrastructure of the DeFi sector is solid and a good start has been made; “Now is the time to develop more DeFi-based applications,” he underlined his belief in the DeFi industry.
Da Hongfei noted that the decentralized finance world has already implemented many innovative apps as well as traditional finance practices such as borrowing or insurance. For instance, thanks to DeFi, people can create a new type of asset and access cash whenever they need to. Considering that such innovative ideas will lead the financial world of the future, Da says that banks can replaced by DeFi.
He said: ” “Lending and borrowing, decentralized exchanges, insurance and all kinds of derivatives are on the rise in DeFi. The initial stage DeFi infrastructure has a solid good start, and now it is time to see more and more applications to be built and innovated on DeFi.”
Considering that people won’t need banks since there is DeFi, Da cites China as the biggest example of this. By taking care of Chinese citizens’ business without going to the bank, through apps such as Alipay and WeChat; Da said that they displayed a financial attitude in this direction.

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