{"id":129856,"date":"2025-05-23T09:17:14","date_gmt":"2025-05-23T09:17:14","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129856"},"modified":"2025-05-23T09:17:14","modified_gmt":"2025-05-23T09:17:14","slug":"defi-near-zero-onboarding-costs-can-help-1-4b-unbanked-1inch-co-founder","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129856","title":{"rendered":"DeFi near-zero onboarding costs can help 1.4B unbanked: 1inch co-founder"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsDecentralized finance (DeFi) platforms have a major cost advantage over traditional banks when it comes to onboarding new users, according to Anton Bukov, co-founder of decentralized exchange (DEX) 1inch.<br \/>\nSpeaking at a panel during Dutch Blockchain Week on May 22 in Amsterdam, Bukov said traditional banks spend between $100 and $300 per user to verify documents and set up accounts. Online banks, he said, spend about $20 to $30. In contrast, DeFi requires almost nothing beyond a smartphone and internet access.<br \/>\n\u201cOnboarding to DeFi literally costs zero,\u201d Bukov said. \u201cYou don\u2019t need brick-and-mortar infrastructure or lengthy verification processes. Just connect and transact.\u201d\u00a0<br \/>\nBukov said that this gives DeFi an edge over traditional financial institutions in reaching the 1.4 billion unbanked people who remain excluded from traditional finance due to high onboarding expenses.<br \/>\n1inch Network co-founder Anton Bukov at the Dutch Blockchain Week. Source: CointelegraphReaching 1.4 billion unbanked users<br \/>\n\u201cThat\u2019s why we have 1.4 billion people on the planet who are unbanked. No one\u2019s going to invest those hundreds or tens of dollars into them because they will never return to them,\u201d Bukov added.\u00a0<br \/>\nUnlike traditional finance, which has high barriers to entry, Bukov said DeFi allows the unbanked to become a part of the global economy and engage in real-life transactions using stablecoins like Tether\u2019s USDt (USDT).\u00a0<br \/>\nWith lower barriers to entry, DeFi becomes a tool for financial inclusion. Bukov said DeFi will continue to reach users who never had access to traditional banking as internet access expands globally.\u00a0<br \/>\n\u201cYou can just get a phone, access to the internet, and you can exchange your chicken for USDT,\u201d Bukov said, highlighting how easily DeFi enables participation in the global economy.\u00a0<br \/>\nRelated: Animoca\u2019s Yat Siu says student loans can supercharge DeFi growth<br \/>\nDeFi allows access to global liquidity\u00a0<br \/>\nApart from financial inclusion, Bukov said that the real value of crypto lies in how it gives access to global liquidity. The 1inch co-founder said crypto is evolving into an independent economic zone, where hundreds of billions flow through decentralized protocols.\u00a0<br \/>\n\u201cCrypto isn\u2019t just about adopting stablecoins or building national digital currencies,\u201d Bukov said. \u201cIt\u2019s a growing global liquidity hub.\u201d<br \/>\nHe said that this liquidity is dynamic and allows financial experimentation, yield strategies and cross-border capital movement.\u00a0<br \/>\nBukov added that countries that align their regulations to enable easier access to this global liquidity can tap into economic opportunities and cooperation. \u201cThe more countries trade with each other, the more they succeed. Crypto works the same way,\u201d he said.\u00a0<br \/>\nMagazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story<br \/>\n\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/1inch-cofounder-defi-financial-inclusion-dbw-event?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsDecentralized finance (DeFi) platforms have a major cost advantage over traditional banks when it comes to onboarding new users, according to Anton Bukov, co-founder of decentralized exchange (DEX)&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129856"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129856"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129856\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129856"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}