We at Astra Protocol are enormous proponents for building trust in DeFi to encourage a safer, fairer market for everyone. Here, we share some thought-provoking words from our very own Sakhib Waseem, Chief Innovation Officer at Astra Protocol. Sakhib is an executive-level technology expert in the finance and blockchain sectors and has worked with major financial institutions, designing and implementing multiple transformative technology-driven solutions from inception. On discussing the future of DeFi, Sakhib had this to say.
“The future of DeFi hangs in a delicate balance. Many projects have proven that decentralised technology can build a new financial framework based on independence, placing financial freedom in the hands of the community. However, we have also seen that many are susceptible to scams and failures without safeguards, which can lead to financial loss, damage the industry’s future value as a whole, and create an oppressive and restrictive view from many regulators.”
“We at Astra Protocol are building a universe of trust”
While acknowledging that there are definite challenges ahead for DeFi, Sakhib was very positive about what is needed to restore trust and to protect the future of DeFi.
“Decentralised regulation and governance layers are needed now. We need to merge the DeFi community and institutional worlds into a safe and prosperous industry. We at Astra Protocol are building a universe of trust designed to bring healthy regulation and governance to the market through dispute management without centralisation or prohibiting growth. Ultimately, we believe that allowing institutional participation will cause a further surge in DeFi projects and investment.
“Decentralised regulation and governance layers are needed now”
“Dispute management and arbitration are just some of the many areas we are working on to grow the industry. By creating a trusted environment, we want to encourage people to get involved without fear of being caught out.”
Today regulators at the Financial Conduct Authority (FCA) have said in a statement that Binance cannot conduct any “regulated activity” in the UK. As it stands, Binance is still the world’s largest crypto exchange with multiple entities across the globe.
Nevertheless, the FCA is sending a clear message that cryptoassets and currencies are dangerous without a decentralised layer of protection.
DeFi is undoubtedly the future of finance, and we believe Astra Protocol is the next generation of assurance bridging the gap between authorities and the crypto world.