Outspoken politician, businessman and TV star Kevin O’Leary has today caught the attention of the financial markets business in all sectors with his latest outburst which inferred that there will be no careers left in any capacity for financial middlemen when decentralized finance (DeFi) is fully rolled out.
Today, Kevin O’Leary, a vocal proponent of decentralized finance, told Insider magazine “This whole move into stablecoins and cryptocurrencies is to get rid of those middlemen. And we’re going to do it in the next three, four years. They should find other jobs, maybe they should start shining shoes or something.”
Kevin O’Leary, who aside from being a Conservative politician in Canada has a long and detailed business career under his belt, most notably having co-founded SoftKey Software Products, a technology company that sold software geared toward family education and entertainment, is a presenter on North American reality TV show Shark Tank in which entrepreneurs make business presentations to a panel of five investors or “sharks,” who decide whether to invest in their company.
Therefore, he has an eye for what will fly and what will not, given that Shark Tank contestants have a short time to pitch their varied ideas to the investors.
Interestingly, one of Kevin O’Leary’s bugbears is what he calls being ‘ripped off’ by financial services middlemen such as foreign exchange brokers, which is one aspect that he thinks DeFi will solve.
For example, the outspoken personality stated that he thinks DeFi will make financial deals like cross-border asset purchases much easier in the future, by allowing parties to trade using cryptocurrencies such as stablecoins instead of having to pay to convert currencies.
We are already seeing that to be the case.
The value of various stablecoins has increased dramatically recently, and last week, these tokens led the race back into the green this week, notably AMP, XVS and RSR,LUNA, and KAVA, which are being classified by the analysts as ‘blue-chip tokens’.
Out of the top 20 DeFi protocols, LUNA and AMP were the two biggest price gainers over the past two weeks, having experienced increases of an average of approximately 70%.
Very interestingly, there has been an increase in activity by cryptocurrency users in Uniswap and Sushiswap in a seven day period ending July 27, causing the price of Uniswap to increase by 17.8% in the week after, and the price of Sushiswap to increase by over 21% in the same time period.
This should be an indicator toward the advocacy of the new developments in these protocols, especially that of Uniswap which has become an instrumental part in the development of new generations of that type of solution.
The focus on Uniswap as a DeFi vehicle in institutional fund management is an equally important consideration when prices rise like this, largely because one of the main advancements that have come about as part of the recent introduction of Uniswap v3 is that liquidity providers can provide liquidity with up to 4000x capital efficiency relative to Uniswap v2, earning higher returns on their capital.
Given that this is clearly the direction for more efficient transactions, and voices within the big business community like Kevin O’Leary being very specific about the removal of middlemen, it is definitely time to consider how to get the best from a comprehensive cryptocurrency venue.
CoinMetro is the gem exchange for ROI on listings, as well as offering the most comprehensive array of trading pairs, therefore for those looking to trade the markets, Kevin O’Leary’s perspective can be achieved effortlessly.
Aside from that, CoinMetro operates a fully regulated payment solution with an electronic money institute (EMI) license which, combined with the most effective fiat on/off ramp in the business, all payments and settlements can be made with ease across all borders in all regions of the world without the fees and time delays associated with traditional payment methods, and of course without those dreaded middlemen at corresponding banks.
The democratized world of DeFi is here, and is being held out as a saviour by movers and shakers, as exemplified by this dialog.
It’s one thing getting rid of the middle man, however it’s another thing making sure the way you get rid of the middle man gives you a fully comprehensive, regulated method of participating in the all-encompassing world of DeFi.