Home Finance News Cryptocurrency and DeFi are a part of the Portmanteau of the terms “finance” and “technology” Fintech

Cryptocurrency and DeFi are a part of the Portmanteau of the terms “finance” and “technology” Fintech

Cryptocurrency and DeFi Fintech

Fintech and cryptocurrency used to be two different sectors.  However, the coming of DeFi has made it impossible for Fintech to stay a puritan away from Crypto.

For clarity, “Fintech is a portmanteau of the terms “finance” and “technology” and refers to any business that uses technology to enhance or automate financial services and processes. The term is a broad and rapidly growing industry serving both consumers and businesses.”

Therefore, Fintech now also means every kind of cryptocurrency and Altcoin, cryptocurrency wallet, blockchain applications of every kind, ranging from trading software to fintech tools used in the Fintech industry, and a lot more.  The Fintech industry is ever-evolving.

The special thing about the Fintech industry is that it is automating investing. There are several other segments to the Fintech industry other than those involving cryptocurrencies.  It is important to note that the traditional financial industry continues to have more money than the cryptocurrency space.

The traditional banking industry is still a multi-trillion dollar market capitalization.  The coming of cryptocurrency brings about a lot of change in terms of how fast money can be transferred across borders.

Whether it is about raising money for business startups, managing investments, bookkeeping, or any other process that involves transacting money, Fintech is already a part of people’s daily lives, whether by DeFi or otherwise.

The use and delivery of the services facilitated by the financial services companies are made better with the integration of technology and, therefore – Fintech.

Fintech companies include but are not limited to Accounting and Finance, Capital Markets, Credit Score and Analysis, POS and Consumer Lending, Regulatory and Compliance, Real Estate and Mortgage, Retail investing and Secondary Markets, Payroll and Benefits,  Asset Management, Insurance, Payments processing and networks, Business Lending and Finance, Finance Services and Automation, Core Banking and Infrastructure, Mobile Wallets and Remittances, Digital Banking, Personal Finance, Crypto, General Lending and Marketplace.

It is important to understand that the projects in FinTech are not about technology; they are about the results achieved using technology. Several software companies concentrate their development activities on tools, frameworks, code, and tests.

They can develop software for any customer from any industry.  In short, their day in and day out interest in technology.  There are Fintech software companies that focus on building software that helps financial companies run their business. Cryptocurrency by way of Defi is all set to rock the Fintech industry while at the same time contributing to improved returns for their investors.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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