According to Anton Bukov, co-founder of the decentralized exchange (DEX) 1inch, DeFi platforms have a significant cost advantage over traditional banks in attracting new users.
At a panel discussion during the Dutch Blockchain Week held in Amsterdam on May 22, Bukov pointed out that traditional banks spend between $100 and $300 to verify documents and open accounts for each user. He added that online banks spend about $20 to $30. In contrast, DeFi incurs almost no costs, requiring only a smartphone and an internet connection.
"The cost of accessing DeFi is effectively zero," Bukov stated. "You don't need physical infrastructure or cumbersome verification processes. Just connect and trade directly."
Bukov emphasized that this gives DeFi an advantage in serving the 1.4 billion unbanked individuals who are excluded from the traditional financial system due to high entry costs.
1inch Network co-founder Anton Bukov at the Dutch Blockchain Week. Source: Cointelegraph
"This is why there are 1.4 billion unbanked people on the planet. No institution is willing to invest those hundreds or tens of dollars for them because those investments can never be recouped," Bukov added.
Unlike traditional finance, which has high barriers to entry, Bukov stated that DeFi allows unbanked individuals to integrate into the global economy and use stablecoins like Tether (USDT) for real-life transactions.
With the lowering of entry barriers, DeFi has become a powerful tool for promoting financial inclusion. Bukov noted that as global internet coverage expands, DeFi will continue to reach those who have never had access to traditional banking services.
"You just need a phone, access to the internet, and you can trade your chickens for USDT," Bukov expressed, highlighting how DeFi facilitates participation in the global economy conveniently.
Beyond financial inclusion, Bukov pointed out that the true value of cryptocurrency lies in its ability to provide access to global liquidity. The 1inch co-founder stated that cryptocurrency is evolving into an independent economic zone, with hundreds of billions of dollars circulating through decentralized protocols.
"Cryptocurrency is not just about adopting stablecoins or building national digital currencies," Bukov said. "It is a growing global liquidity hub."
He noted that this liquidity is dynamic, supporting financial experimentation, yield strategies, and cross-border capital flows.
Bukov further stated that countries that adjust their regulatory frameworks to facilitate access to global liquidity can seize economic opportunities and strengthen cooperation. "The more frequent the trade between countries, the more successful their development. The same principle applies to cryptocurrency," he concluded.
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Original article: “1inch Co-founder: DeFi's Nearly Zero Entry Barrier Expected to Benefit 1.4 Billion Unbanked Individuals”
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