While the decentralized finance (DeFi) space remains riddled with hacks, people are less interested in jumping in and participating in DeFi. But according to Dennis Jarvis, CEO of Bitcoin.com, there is a way for DeFi adoption to move forward through Bitcoin (BTC).
In a keynote address at the Blockchain Economy Dubai Summit 2022, Jarvis pointed out that massive losses of investor funds, such as the collapse of Terra and the Axie Infinity hack, have made DeFi unattractive to users. potentials. However, the executive believes that by using Bitcoin as a hook, DeFi can overcome the onboarding crisis caused by its deteriorating reputation.
Speaking to Cointelegraph, Jarvis explained why his team believes that Bitcoin can be people’s gateway to the DeFi space. He said:
“I think the vast majority of people are interested in learning about Bitcoin first. It’s the first step in their crypto journey, and that includes buying their first Bitcoin.”
After getting his first BTC, the executive said that through a decentralized exchange (DEX), his team has the opportunity to help the community easily trade some of the Bitcoin in assets such as Avalanche (AVAX), Polygon (MATIC) , Ether (ETH) or other digital assets. Jarvis believes that this may eventually drive Bitcoiners to further their DeFi journey and use decentralized applications.
When asked why Bitcoin.com, a brand heavily associated with Bitcoin and Bitcoin Cash (BCH), is venturing into DeFi, the executive explained that they believe in a multi-chain future and are trying to improve their offerings to their consumers. He said:
“We truly believe that multi-chain is the future of crypto, that there is frankly a universe of possibilities and a multitude of features available in various DeFi primitives that are popping up all over the place.”
Due to this belief in a multi-chain future, the executive stressed that his company should be able to keep up. He noted that they wanted to give their users the ability to participate in DeFi and be able to give them that option.
When asked about Bitcoin maximalists who might not support DeFi or anything other than Bitcoin, the executive highlighted that being a Bitcoin maximalist may be related to concerns about scams. He said:
“I think there’s some element to maximalism that worries people are getting scammed and scammed, and so are we. […] We do our best to help them avoid the riskier and perhaps potentially scam side of cryptocurrencies.”
In the end, Jarvis highlighted that they are happy to support people who believe that Bitcoin is the only true currency and that everything else is a scam.
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