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30 September 2020

First Mover: Binance's CZ Doesn't Even Dispute That DeFi Might Be Inevitable - CoinDesk

First Mover: Binance's CZ Doesn't Even Dispute That DeFi Might Be Inevitable - CoinDesk


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DeFi trading platforms like Uniswap, Curve and Balancer have appealed to cryptocurrency traders with their low cost and ease of use, and they’re now starting to steal a growing and no-longer-negligible share of market trading volumes from bigger, established exchanges like Binance, Coinbase, Huobi and OKEx.

Huobi, a Chinese-led cryptocurrency exchange based in Seychelles, announced Tuesday that it was adding 10 new members to its DeFi initiative, described as “a consortium of centralized and decentralized financial services providers.”.

Charts of bitcoin held at big exchanges show declining balances over the past several weeks, and Simons Chen of the Hong Kong-based crypto trading firm Babel Finance says one likely explanation is that some of the cryptocurrency is getting transferred to DeFi

According to Su Zhu, CEO of the cryptocurrency-focused investment fund Three Arrows Capital, told CoinDesk in a Telegram message that centralized exchanges could still be a “gateway to DeFi, but not where users ultimately spend their time.” 

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