Cryptocurrency exchange OKEx makes a presence at the 50th World Economic Forum Annual Meeting in Davos to promote blockchain tech as a ride towards the global financial system.
On Jan. 22 Lennix Lai, the Finacial Markets Director delivered two presentations at the Russia House 2020 and EmTech Investment Meeting 2020 on the challenge of extending financial services to the over two billion people worldwide who remain unbanked. Lai argued that a digital, decentralized financial system backed by blockchain and cryptocurrencies can be of mutual benefit both to the traditional financial markets and to the unbanked global population.
Lai argued that Decentralized finance (DeFi) innovation is assured for a “substantially lower” operational costs for institutions, and bolster financial inclusion by serving areas that traditional banking fails to.
“We see the endorsement from global regulators. […] We also see the volatility of Bitcoin getting lower, making it become a favorable alternative asset for mainstream finance. And the recent surge of DeFi reflects that people are starting to brace a free, open, permission-less financial system.”
The theme for this year at Davos is “Stakeholders for a Cohesive and Sustainable World,” which some have construed as the World Economic Forum’s response to increasing public discontent with rising inequality and the power of oligopolistic financial elites, as evinced by protests across Europe, Asia, and Latin America over the past year.