DeFi vs CeFi

The financial world has transformed drastically over the last decade. We have witnessed unprecedented growth of fintech and digitalization of financial services at scale. However, nothing comes close to the revolution brought with the origin of Blockchain, through the first cryptocurrency — bitcoin. Back in 2008, when the world was hit with economic recession due to the bankruptcy of US investment bank, Lehman Brothers Holdings, people’s shattered trust demanded a change in the financial ecosystem which led to the commencement of bitcoin, introducing the world of finance to a simple yet powerful concept of decentralization through Blockchain.