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Deythere > News > Market > Money > This CEO Exposes the Dark Side of Banking—Why Crypto Is the Answer
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This CEO Exposes the Dark Side of Banking—Why Crypto Is the Answer

This CEO Exposes the Dark Side of Banking—Why Crypto Is the Answer
Jonathan Swift
Last updated: February 13, 2025 12:33 pm
By
Jonathan Swift
Published February 13, 2025
5 Min Read
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In a world where financial systems often leave many behind, innovative solutions are emerging to bridge the gap. Vasily Nikonov, the visionary founder of Velvet.Capital, is at the forefront of this movement, advocating for the transformative power of cryptocurrencies and decentralized finance (DeFi) to foster financial inclusion.

Contents
The Unbanked Challenge: A Global PerspectiveCryptocurrency and DeFi: Catalysts for ChangeOvercoming Barriers to AdoptionA Vision for the FutureConclusionFAQsWhat is decentralized finance (DeFi)?How does Velvet.Capital ensure the security of user assets?Can individuals without prior experience in cryptocurrencies use Velvet.Capital?Glossary of Key TermsSources

The Unbanked Challenge: A Global Perspective

Despite advancements in financial services, a significant portion of the global population remains unbanked or underbanked. According to the World Bank, approximately 1.7 billion adults lack access to a bank account, hindering their ability to participate in economic activities. Factors such as geographical barriers, lack of documentation, and stringent regulatory requirements contribute to this exclusion.

Nikonov emphasizes that not all individuals excluded from traditional finance are involved in illicit activities. Many face barriers simply due to systemic inefficiencies.

“There’s a clear distinction between criminals and people who are unbanked due to circumstances beyond their control,” he notes.

Velvet.Capital aims to provide these individuals with access to diversified financial products through a decentralized platform.

decentralized finance (DeFi)

Cryptocurrency and DeFi: Catalysts for Change

Cryptocurrencies and DeFi platforms offer an alternative to traditional banking by enabling peer-to-peer transactions without intermediaries. This decentralization reduces costs and increases accessibility. A report by the World Economic Forum highlights that DeFi’s transparent and open-source nature can democratize access to financial services, particularly in regions underserved by traditional banks.

Velvet.Capital leverages blockchain technology to allow users to create tokenized funds and portfolios, providing exposure to various assets without the need for a traditional financial intermediary. This approach not only lowers entry barriers but also offers users control over their investments.

Overcoming Barriers to Adoption

While the potential is vast, challenges to DeFi adoption persist. Regulatory uncertainties, technological literacy, and security concerns are significant hurdles. Nikonov acknowledges these challenges and stresses the importance of education and robust security measures.

“We use transaction monitoring systems to ensure compliance and protect our users from fraudulent activities,” he explains.

Velvet.Capital has implemented stringent security protocols, including smart contract audits and real-time monitoring, to safeguard user assets. Additionally, the platform offers educational resources to help users navigate the complexities of DeFi, empowering them to make informed decisions.

Vasily Nikonov

A Vision for the Future

Integrating cryptocurrencies and DeFi into the financial ecosystem holds promise for enhancing financial inclusion. By providing accessible, low-cost, and transparent financial services, platforms like Velvet.Capital are paving the way for a more inclusive global economy.

Nikonov envisions a future where financial services are not a privilege but a right accessible to all.

“Our goal is to level the playing field, offering everyone the tools they need to participate in the global economy,” he asserts.

Conclusion

As the financial landscape evolves, the role of cryptocurrencies and DeFi in promoting financial inclusion becomes increasingly significant through innovative platforms like Velvet.Capital, barriers that have long excluded individuals from economic participation are being dismantled, ushering in a new era of inclusivity and empowerment.

FAQs

What is decentralized finance (DeFi)?

DeFi refers to a system of financial applications built on blockchain technologies that operate without centralized intermediaries, offering services like lending, borrowing, and trading directly between participants.

How does Velvet.Capital ensure the security of user assets?

Velvet.Capital employs advanced security measures, including smart contract audits and real-time transaction monitoring, to protect user assets and ensure platform integrity.

Can individuals without prior experience in cryptocurrencies use Velvet.Capital?

Yes, Velvet.Capital provides educational resources and a user-friendly interface to assist individuals new to cryptocurrencies in navigating the platform effectively.

Glossary of Key Terms

Unbanked: Individuals who do not have access to traditional banking services.

Underbanked: Individuals who have limited access to traditional banking services and often rely on alternative financial services.

Cryptocurrency: Digital or virtual currency that uses cryptography for security and operates independently of a central authority.

Blockchain: A decentralized ledger of all transactions across a network, ensuring transparency and security.

Smart Contract: Self-executing contracts with the terms of the agreement directly written into code, automatically enforcing and executing agreements when predetermined conditions are met.

Sources

World Bank: Global Findex Database

World Economic Forum: Decentralized Finance: (DeFi) Policy-Maker Toolkit

Velvet.Capital: Official Website

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TAGGED:Cryptodecentralized finance (DeFi)U.S. bankingVasily Nikonov

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ByJonathan Swift
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A crypto journalist with an understanding of blockchain technology. Skilled in simplifying complex topics for diverse audiences, from beginners to experts. Because I believe in words as they are the children of mind.
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