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Mercuryo CEO Petr Kozyakov said many consumer apps would emerge before widespread institutional adoption comes to DeFi.
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The CEO of payments infrastructure platform Mercuryo predicts decentralized finance (DeFi) protocols and applications will soon offer financial products similar to those of banks.
Mercuryo recently launched a program to support 30 startups developing new Web3 consumer use cases within DeFi. Announced on Nov. 21, the program offers funding, consultations with Mercuryo and its network, and an “equity-free integration grant” to assist scaling companies.
Petr Kozyakov, the co-founder and CEO at Mercuryo, told Cointelegraph in a written Q&A that the space had already proven its “long-term viability” when asked why the company chose DeFi and decentralized applications (DApps) for its ecosystem program.
DeFi has the potential to power public markets
The initiative prioritizes startups creating innovative use cases while adhering to crypto’s core principles of interoperability, open-source development and self-custody.
Kozyakov emphasized 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 searching for startups capable of onboarding millions of users by leveraging DeFi technology. The goal is to create applications that appeal to Web2 users while simplifying the crypto aspects.
Related: Payment platform Mercuryo integrates crypto on-ramp with Indonesian banks
DeFi to have bank-like products
Kozyakov said that DeFi will soon have its complexities abstracted. The executive also believes that products in the space will be similar to that 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 added that DeFi teams would accelerate the trends by bringing more liquidity to private markets, tokenizing assets and improving efficiency. He also expects products previously only available to high-net-worth investors to become available to any user worldwide.
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This article first appeared at Cointelegraph.com News
