Posted 1 year ago | by Ben Armstrong
Huobi to Launch DeFi Development Space – Huobi DeFi Labs
Huobi is getting into the DeFi development space with its new venture – called Huobi DeFi Labs. The new division will he headed up by Sharlyn Wu, who has a depth of experience in global banking to draw on.
According to Wu,
“Over the past two years, we have witnessed the birth and exponential growth of DeFi. The width, depth and speed of innovations are unparalleled in human history. It is exciting to see the power of the permissionless economy unleashed at global scale. However, there are still many problems to be solved at theoretical and technical level.”
There is, with zero doubt, a huge market that is waiting for DeFi to start rolling out tools that everyday people can use. The space could be a big help in pushing the adoption of cryptos, as many DeFi platforms are built to use major tokens, like Ethereum.
A Brand New Industry
According to the founder and CEO at Huobi Group, Leon Li,
“Our mission is to provide the best crypto financial products and services to our users regardless [of whether] it is CeFi or DeFi… We (look forward to) working with the global community to provide the best support possible.”
DeFi needs to be totally interchangeable with the fiat financial system to attract new users, who are likely looking to integrate DeFi-based tools into their fiat-centric financial lives.
From a technological perspective, this interchangeability between fiat and crypto has already been addressed. There are numerous exchanges that bridge the fiat-crypto gap, and offer advanced tools to larger financial entities.
Wu expanded on the need for DeFi-focused education,
“There is also a lot of investor education to do in order to bring crypto and DeFi to mainstream users. As DeFi is still in its infancy, it needs collective efforts from the global community to build and grow the space together.”
Regulators May Balk
Its not secret that there are deep connections between major banks, governments, and central banks. By removing fiat currency and the need for banking services, a big part of the current social-control apparatus would be left behind.
There is every reason why regulators would oppose DeFi – especially as it becomes more viable due to both advancements in the technology, and public acceptance of cryptos. This may be one of the biggest problems for DeFi, and it won't be easy to overcome without strong support from the public.
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