Cryptocurrency Investor Who Bet on Defi Says China Crackdown Might Help it.
Arthur Cheong made the investment through his Singapore-based cryptocurrency resource store DeFiance Capital, which he set up last year after working in the exchanging division of the oil goliath BP Plc. He says China’s crypto crackdown may really help the decentralized finance that his asset invests in.
In DeFi, or decentralized finance, individuals can lend, borrow, invest and perform other financial capacities on applications that utilize blockchain technology, removing the central men like banks and agents required in regular money.
The quick development of crypto has incited pushback from governments, with China venturing to boycott cryptocurrency exchanges last month and pledge to uncover crypto miners.
While China’s move adds to inquiries regarding the maintainability of the business, Cheong contends that it could even work in support of DeFi.