On today’s #FinanceFriday, we have Mark Hindley, who has come on to discuss how TradFi (Traditional Banking) is merging into DeFi (Decentralized Banking). Even though banking and Decentralized Finance (DeFi) seem to oppose each other, Mark and his Bank, Cogent, have been blazing trails. Mark is the Managing Director of Blockchain Innovation at Cogent Bank, leading the sales strategy, product development, and risk management for Blockchain-Enabled Businesses. Cogent is a young, future-focused, leading-edge commercial bank working daily to bridge the gaps between decentralized ideas and centralized banking horsepower. Mark works closely with Blockchain and Crypto native companies and leaders in his role, finding innovative solutions for the evolving block/crypto space. Oh, and as a reminder, Web3 is a hypothetical, future version of the internet based on blockchain technology.
For DeFi to get scaled, it needs to get involved with its much bigger brother, TradFi. So, that is what Mark is doing at Cogent Bank “in the real world.” The reality of being a Web3 company is that you can’t pay your electric bill with your DOA’s coin; you need fiat. Mark wants the DAO to be able to function outside of its underground beginnings. Because, in his opinion, some healthy regulation is coming. To scale Web3, it needs to be digestible for the average consumer, which means adhering to specific protocols. Watch the full video above if you want to learn the real-life applications of this technology, such as owning your birth certificate in the form of an NFT.
As you know, Bette Hochberger Inc. is involved in the Miami Tech and Crypto scene, so we have seen the impact of the lack of regulation come tax time, and it is expensive and exhaustive to sift through thousands of crypto transactions trying to discern how much money you made and lost. So I welcome some healthy regulations and protocols. What about you? Do you want Web3 and DeFi to scale or for it to stay the wild west? Let me know over on social and as always, stay safe, and we will see you next time.