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Bitgo “DeFi and CeFi, coexistence possible”

BitGo (American cryptocurrency trust service company) has given the prospect that DeFi (Decentralized Finance) and CeFi (Centralized Finance) can coexist. It is said that it is possible to create an ideal blockchain-based financial service by combining the security of DeFi and the liquidity of CeFi.

At the Asia Blockchain Summit (ABS2020), which was held online on the 16th, Ben Chen Viggo, Chief Technology Officer, said, “In the future, DeFi and CeFi can coexist.” “The best models will come out from loans and consignment services.”

CeFi is a financial service used through internal accounts on centralized cryptocurrency exchanges such as Upbit, Bithumb, and Binance. DeFi, on the other hand, means decentralized and automated financial services that are used through smart contract technology without central institutions such as cryptocurrency exchanges, banks, and securities companies.

Chen CTO explained, “Operating DeFi within the CeFi service means signing up for a fund that manages assets on-chain.” BitGo is a company providing enterprise cryptocurrency wallets and trust services. In March, Genesis, Block Pi, and Celsius announced that they would expand into the cryptocurrency loan market.

BitGo emphasized that the combination of DeFi and CeFi can reveal advantages in cryptocurrency trading and loan services. CTO said, “Based on the volume, liquidity, and legal stability of the centralized exchange, using DeFi automated trading function, we can make more reasonable cryptocurrency transactions and loans. It is implemented with chain technology to ensure transparency.”

Based on this, BitGo plans to strengthen the function of DeFi service on the BitGo platform. “The centralized method alone cannot provide flexible cryptocurrency financial services,” said Chen. “By increasing blockchain utilization, scalability is improved, transaction fees are lowered, and accessing financial services will last.”

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Original Medium Post: https://medium.com/@ducato.mkt/bitgo-de-fi-and-ce-fi-coexistence-possible-ed56cbc3796f

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The DUCATO Protocols aims at developing an optimized blockchain technology, providing user-centric services, expanding of network participants and developing credible algorithm and decentralized governance for network users profit.

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