Decentralizing finance : how DeFi, digital assets, and distributed ledger technology are transforming finance

"The book examines the current state of DeFi, insofar as the aims of creating a more efficient, interoperable and inclusive financial system are concerned. Many of the goals of FinTech and Open Banking are similar to DeFi and are directly relevant to DeFi. What is also now directly relevant to the evolution of DeFi is the broader evolution of Web3 and the Metaverse. NFTs look to play a larger role in the ownership layer of the Metaverse, with DeFi as the main mechanism for price discovery and trading of digital assets and virtual goods. What stands in the way of these aspirational goals? How can the risks and challenges be overcome? The book takes a close look at examples that incorporate key elements of traditional finance such as Know Your Customer rules (KYC), operational and risk control measures, and general ability to interface with the wider banking ecosystem. It attempts to chart the trajectory of this innovation and where challenges and risks lie towards the synthesis of the future."