Bitcoin can solve the DeFi onboarding crisis, argues exec
As the decentralized finance (DeFi) space remains plagued with hacks, people have become less interested in jumping in and engaging with DeFi. But according to Dennis Jarvis, the CEO of Bitcoin.com, there is a way for DeFi adoption to move forward through Bitcoin (BTC).
In a keynote speech at the Blockchain Economy Dubai Summit 2022, Jarvis pointed out that massive losses of investor funds like the collapse of Terra and the Axie Infinity Ronin hack have made DeFi unappealing to potential users. However, the executive believes that by using Bitcoin as a hook, DeFi can overcome the onboarding crisis brought about by its declining reputation.
Speaking to Cointelegraph, Jarvis explained why his team believes that Bitcoin can be people’s gateway to the DeFi space. He said:
After getting their hands on their first BTC, the executive said that through a decentralized exchange (DEX), their team has the opportunity to help the community easily swap some of the Bitcoins into assets like Avalanche (AVAX), Polygon (MATIC), Ether (ETH) or other digital assets. Jarvis believes that this can eventually push Bitcoiners further on their DeFi journey and use decentralized applications.
When asked why Bitcoin.com, a brand heavily associated with Bitcoin and Bitcoin Cash (BCH), is venturing into DeFi, the executive explained that they believe in a multichain future and are trying to improve their offerings to their consumers. He said:
“We really think that multichain is the future for crypto, that there is frankly a universe of possibility and a multitude of features available in various DeFi primitives that are popping up all over the place.”
Because of this belief in a multichain future, the executive highlighted that their firm should be
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