DeFi Crypto Lending Platform Development
Decentralized Finance or DeFi is the latest innovation in the crypto world. By building on the advantages of blockchain technology, DeFi has transformed the borrowing and lending process. DeFi crypto lending platform development eliminates the middlemen and simplifies fund transfer between stakeholders.
Problems Associated with the Current Financial Sector
Before we dive into the benefits of DeFi lending and borrowing, it is better to examine the current state of affairs in the financing sector. In a conventional setting, any individual seeking a loan has to overcome a lot of hurdles even before they begin. For example, they might not have a good credit score that qualifies them to access basic financial services. Even those who have the desired credit score are burdened with further documentation and interaction with third-party, which increases the cost, time, and efforts. It should also be noted that fiat-backed institutions – generally traditional financial institutions are prone to manipulation. Unfortunately, the losses incurred from this manipulation are eventually borne by the common man.
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