The founder of crypto start up Aave has called out the world of traditional finance for being ” clunky” and “super boring”.
Stani Kulechov, a proponent of decentralised finance (DeFi), took aim at the culture of the traditional financial services sector at the CryptoCompare Digital Asset Summit in London today.
“For me when I look at traditional financial services, there’s just absolutely nothing there for me,” Kulechov said.
“I want to take risk, but also I want to invest things that are fascinating to me, like the technological point of view.
“The traditional systems are just very clunky, but also super boring. I think that’s the issue… when you look at traditional finance, there isn’t much innovation and most of the innovation happens in bigger organisations.”
Aave, a DeFi protocol which allows customers to earn a yield by lending tokens to liquidity pools, has gone from strength to strength in recent months. The price of Aave’s native token is up by seven per cent today following a V3 update designed to make lending and borrowing more lucrative for the protocol’s users.
Token holders are given governance rights over the Aave protocol and can vote on decision making helping to decentralise control of the company. Kulechov, however, remains the company’s chief executive.