British media billionaire calls DeFi technology an 'revolution'

UK-based communications boss and former banker have just revealed that he is looking to launch a 2.0 bank backed by decentralized finance (DeFi).

Alexander Lebedev, owner of famous British newspapers such as Evening Standard and The Independent, along with Russian newspaper Novaya Gazeta, praised the potential of cryptocurrencies and smart contracts that could revolutionize the industry. main.

In an 1800-word opinion article published on The Independent on October 13, the billionaire predicted blockchain technology would disrupt what he described as a "parasitic global banking monopoly". , asserting that "blockchain technology and smart contracts will make the use of the majority of human resources in the financial sector unnecessary."

Although he argues that "the explosive growth of existing DeFi platforms is driven by rapid flows of liquidity" and "cannot continue indefinitely", however:

"The technologies embedded in this infrastructure open up enormous opportunities to rebuild the global financial system."

According to Lebedev, smart contracts allow customers to access financial services "without the involvement of an intermediary in the form of the bank itself", preventing "greedy bankers. "Stealing customers' money."

Lebedev also revealed that he had invested $ 100,000 in an Estonian-based yield farming protocol as "an experiment" and seemed surprised by the quick returns. He is currently looking to build his own "Independent Decentralized Financial Ecosystem".

The platform will seek to provide the “full range of services traditional banks have, including“ currency exchange services, deposits, loans, payments and cash, as well as domestic transfers and international."

He noted that global regulators are becoming increasingly interested in cryptocurrencies, citing recent moves to recognize stablecoins and security tokens from German, Chinese, Swiss, and lawmakers. USA.

"The next step will be to 'digitize' real assets, including manufacturing facilities, real estate, goods and services, by holding them in a distributed ledger."

Part of the reason he believes in the potential of cryptocurrencies is that in its current form, Lebedev asserts that the global financial system is "leading the world economy to disaster".

Lebedev has 25 years of experience in the banking sector and bought Russia's third largest private bank, the National Reserve Bank in 1995. He claims to have observed a change in banking practices. among its competitors in the direction of "customers' pickpocketing". Lebedev added that thousands of Russian "bankers" have appropriated "more than $ 100 million of their customers" since the 1990s.

According to him, "billions of people have been completely eliminated from banking" because they have reduced access to financial resources, because they are economically excluded and they have nothing left to give to the banking class. stolen goods.