Crypto Interest Account Giant Talks DeFi, Institutional Adoption

While decentralized finance has stolen the show with big headlines over the past year, the closely watched Total Value Locked (TVL) figure grew remarkably nearly 800%, from $ 20 billion in early 2021 to $ 157. Billion at May Peaks – Centralized crypto financial services have also enjoyed explosive growth.

According to Kalin Metodiev, CFA and co-founder of Nexo, the crypto savings account company has quadrupled to $ 15 billion in AUM, expanded to 1.7 million customers, and has new features like built-in asset exchange functionality. on the platform.

Nexo and Cointelegraph only crossed paths briefly in Miami through a brief conversation at the Nexo-sponsored Bitcoin Art Gallery, one of the conference room’s highlights. However, we caught up with Metodiev for a written interview shortly after the craze ended to discuss the escalation of key metrics, the risks DeFi poses to the Nexo model, and a way forward for institutional adoption.

Adapt to Defi

When it comes to the rise of DeFi, Metodiev sees a clear ceiling in terms of the heights it can reach due to some of its core features without permission.

“We are intrigued by the opportunities the DeFi space can offer and we find merit in the notions of automation and decentralization,” he said. “However, this is a space that must align with institutional policies and standards to survive and prosper on a large scale in the long term. Nexo operates in accordance with formal AML / KYC guidelines and compliance protocols, which are not currently adopted by the DeFi space. “