DeFi near-zero onboarding costs can help 1.4B unbanked: 1inch co-founder

Decentralized 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. Speaking 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 source: https://cointelegraph.com/news/1inch-cofounder-defi-financial-inclusion-dbw-event?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound