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

1inch co-founder Anton Bukov said that the near-zero onboarding costs in DeFi allow it to outshine its traditional finance counterparts.

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.

“Onboarding to DeFi literally costs zero,” Bukov said. “You don’t need brick-and-mortar infrastructure or lengthy verification processes. Just connect and transact.” 

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