Arrow Bank CEO, Messiah G. Willis, addresses the legitimacy of Dogecoin and the evolution of DeFi
Arrow Bank will use its banking technology to offer users a decentralize financial application Arrowchain to manage their crypto currencies
By: arrow inc
The total value of Dogecoin has increase by nearly 7,000% since entering the market and has a market cap of over $34 billion. Economists are warning people that investing in Dogecoin is a risky move. Due to the coin's rapid growth in value, people suspect Dogecoin to be a bubble within the cryptocurrency realm. Messiah G. Willis has a different point of view. "As human beings, we determine what has value and what doesn't have value. The popularity of Dogecoin means that our population finds value in it.
Dogecoin is just one of the many cryptocurrencies that have joined the mainstream in 2021. This increase in notoriety throughout the field of cryptocurrency has led to the creation of many DeFi (Decentralized Finance) platforms. DeFi platforms use blockchain to allow individuals to exchange cryptocurrency, borrow funds, earn interest, take out loans, trade assets and participate in other forms of conventional centralized banking but on a decentralized plane. Participation in DeFi gives consumers the ability to make rapid transactions globally anytime and anywhere.
While cryptocurrency doesn't seem to be going anywhere anytime soon, DeFi has yet to join the mainstream for a few different reasons; Some people find the DeFi format to be inaccessible due to how unregulated the field is. Lenders believe investing their money on DeFi platforms puts them at a lot of risk because of the anonymity factors. Individuals often find DeFi platforms to not be very user friendly and thus too difficult to work with.
Messiah G. Willis (https://www.arrowbank.app/
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For more information about banking and personal finance, check out the Arrow Bank website at https://www.arrowbank.app