Episode 30 - How DeFi can help the 2 billion people who are unbanked around the world

In this episode, we discuss a term that gets used a lot in the web3 space, and that of course is DeFi, or Decentralized Finance. Specifically, we explore, if, indeed, DeFi can be a solution to the crisis of the unbanked, and bring greater financial inclusion to everyone. According to the latest report from the World Bank, there are nearly 1.7 billion people around the world that are unbanked. Being unbanked, in essence, means that one does not have access to or use banks or traditional financial services. Individuals who are unbanked typically live in extremely poor and rural regions, lack basic financial and telecommunications infrastructure, and lack necessary identification to open a bank account.Being unbanked can put individuals and communities at a disadvantage, as it may prevent them from fully engaging with the economy, being able to take out a loan or purchase a house, or being unable to get insurance, among many other challenges.Cryptocurrency, and more specifically, Decentralized Finance (or DeFi), has been put forward as a potential remedy to this challenge. DeFi, in short, is a catch-all term for decentralized, blockchain-based services that enable basic financial transactions, such as the earning of interest, borrowing of money, storing of cash, and purchasing of insurance. In this episode, I highlight three reasons, among many, that DeFi and crypto are well suited to help overcome the crisis of the Unbanked, and share a few examples of exciting DeFi projects.Projects Discussed:Bloinx by BX Smart LabsSatchelKotani PayEtheriscLeaf Global FinTechBuy us a coffee!Enjoy the episode? Crypto Altruism runs on the support of the community. Help us out by buying us a coffee:ETH(ERC20) - 0xac5C0105914F3afb363699996C9914f193aeDD4A--DISCLAIMER --While we may discuss specific web3 projects or cryptocurrencies on this podcast, please do not take any of this as investment advice, and please make sure to do your own research on potential investment opportunities, or any opportunity, before making an investment. We host a variety of guests on this podcast with the sole purpose of highlighting the social impact use cases of this technology. That being said, Crypto Altruism does not endorse any of these projects, and we recognize that, since this is an emerging sector, some may be operating in regulatory grey areas, and as such, we cannot confirm their legality in the jurisdictions in which they operate, especially as it pertains to decentralized finance protocols. So, before getting involved with any project, it’s important that you do your own research and confirm the legality of the project. More on the disclaimer at cryptoaltruism.org.Please note: we make use of affiliate marketing to provide readers with referrals to high quality and relevant products and services.