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The biggest selling point of DeFi crypto, (or simply put, DeFi) is its non-custodial nature. The user has full control of their assets and cuts out third party financial services by allowing them to trade directly – thus making the process a lot more flexible, cheaper, and efficient.
How this works is, users can enter into a smart contract by putting up their coins as collateral on the blockchain to find money from a pre-made pool of funds. Built on open source code, it’s possible to modify in multiple ways so the money can be automatically switched between different investment pools to get the best returns.
Why is DeFi Crypto picking up the pace?
At the core, DeFi is a decentralized P2P transaction where two parties can freely participate without the presence of a third. Anyone can access the platform and settle transaction fees directly with the lenders on the networks in a secure and transparent manner.
What more, there’s flexibility to develop solutions for most financial services with DeFi, meaning the scope of innovation is high, thus attracting new business ideas beyond just buying and selling.
A central activity on the DeFi platform, users can loan funds with their coins using the lending protocol. Not only that, but as a financial platform, DeFi deals with stablecoins making it desirable for ecommerce and trading.
Making DeFi crypto accessible and practical
DeFi crypto exchange (DEXs)
Taking noncustodial crypto trading up a notch, DEXs make it possible to trade cryptocurrencies without creating an account on an exchange.
Working only between cryptocurrencies, DEXs don’t allow exchanges between fiat and crypto. Users can hold their assets and trade directly from their wallets using blockchain transactions. Since a DeFi crypto exchange is built on specific blockchains, it’s important to have wallets that are compatible with the technology.
Self custody wallets work best since the users are in full control of their funds. However, this also means they are responsible for the safekeeping of their funds.
Crypto DeFi wallet
Continuing with the non-custodial feature, these wallets allow for a practical use of cryptocurrencies on DEXs by enabling users to sell and buy coins and NFTs. Most wallets allow users to switch between blockchains so they can support Ethereum, BNB, and more.
Additionally, a crypto DeFi wallet keeps innovating to provide users with the best experience when it comes to features like in-wallet swaps, multi-chain support, and access to the latest Dapps for a seamless crypto onramp experience.
To start, users will need to fund their account with Ethereum to pay for the gas fees required every time there’s a transaction taking place on the Ethereum blockchain.
DeFi marketplace
Allowing users to participate on the blockchain in a trustless manner using smart contracts without the presence of any third-parties. This reduces the chances of reliance on any particular actors that might hamper with the resources and mechanisms to prevent tampering or inefficiencies.
Launching a DeFi crypto wallet app without any license
Building and deploying a crypto exchange wallets app from the ground up is an extensive effort. The resources and expenses can be a lot to manage for most companies looking to scale their product offerings.
Partnering with a crypto banking platform is the quickest and easiest way to ensure a go-to-market strategy for your business.
Striga is perfectly positioned to help crypto and fintech companies realize their true potential by providing the much needed compliance and tech support. With an in-house KYC/AML team and simplified sets of APIs that drive innovation at every step, we help you launch in just 6 weeks.
For a quick and easy launch process, start by submitting a request where you briefly tell us about your fintech company. Our experts will reach out to you for a product and pricing overview to help decide on a plan that suits your business needs best.
Striga crypto banking: Blending compliance with tech so you can move money in 6 weeks.
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