Mercuryo CEO Petr Kozyakov predicts DeFi will soon offer bank-like financial products. The company has launched a program supporting 30 startups focused on Web3 consumer use cases within DeFi.
Decentralized finance (DeFi) protocols and applications will soon provide financial products comparable to those of banks, according to the CEO of Mercuryo, a payments infrastructure platform.
Mercuryo CEO Reactions to DeFi Potentials
Mercuryo has recently initiated a program to provide assistance to 30 firms that are in the process of developing new Web3 consumer use cases within DeFi. The program, which was unveiled on November 21, provides funding, consultations with Mercuryo and its network, and a “equity-free integration grant” to aid in the scaling of companies.
In a written Q&A with Cointelegraph, Petr Kozyakov, the co-founder and CEO of Mercuryo, stated that the company had already demonstrated the “long-term viability” of the sector when asked why the company selected DeFi and decentralized applications (DApps) for its ecosystem program.
DeFi has the potential to power public markets
The initiative emphasizes the importance of firms that develop innovative use cases while adhering to the fundamental principles of cryptography, including self-custody, open-source development, and interoperability.
Kozyakov underscored the transformative potential of DeFi in both public and private markets:
“We believe that DeFi has the potential to power most public markets over the next two decades and make private markets much more efficient. But before widespread institutional adoption, many consumer applications will emerge, demonstrating DeFi’s power to users.”
Mercuryo is in pursuit of startups that are capable of onboarding millions of users by utilizing DeFi technology. The objective is to develop applications that are user-friendly for Web2 consumers while simultaneously simplifying the cryptographic components.
DeFi to have bank-like products
Kozyakov stated that the intricacies of DeFi will be shortly abstracted. The executive is also of the opinion that the products in the space will be comparable to those of banks:
“In the near future, DApps will serve as interfaces for DeFi applications. Furthermore, the complexities of fund conversion, bridging and security measures will be abstracted. Users will interact with bank-like financial products built on DeFi protocols.”
Kozyakov further stated that DeFi teams would expedite the trends by tokenizing assets, increasing liquidity in private markets, and enhancing efficiency. Additionally, he anticipates that products that were previously exclusively accessible to high-net-worth investors will be made available to all users worldwide.
