JOHANNESBURG – Decentralized finance or “DeFi” is a big buzzword this year, for a number of reasons. Most prominently, the growth of blockchain networks has been dramatic, and the symbiotic public awareness of both blockchain technology and the need for new financial systems, has led to countless institutional and government buy-in for DeFi platforms.
Already, hundreds of DeFi platforms have emerged to fill this space, leading the team at Consensus to declare 2020 the year of DeFi with over $5 billion locked in various DeFi collateralized platforms to date.
Up until now the SWIFT protocol (and other similar dinosaurs) had been a major way that banks would move money across national borders.
This process is quickly becoming obsolete due to new verification mechanisms, payment gateways and transaction paths made possible by decentralized consensus-based finance operations.
New networks that accommodate DeFi and related methodologies often use the premise of the blockchain to remedy shortcomings in traditional fiat currency transaction systems.
Collectively, it’s clear that DeFi has one of the primary expressions of blockchain technology, and the movement is bringing real change to the existing financial infrastructure. And the Africa’s pioneer digital banking outlet DafriBank have refused to be left behind from the new blockchain finance craze with the integration of DeFi protocols into its eagerly waited native token The Digital Bank of Africa (DBA) set to be released later this year – click Here to join the STO queue. DeFi Lending Protocols will be developed and be ready for deployment prior to the start of 3% monthly DBA Token release, the company said in a statement.
What Does This Mean For DBA investors?
This further demonstrates the DafriBank ‘s intentions to create one of world most attractive tokens for investors with a structure never being used before and blockbuster backing projects. Apart from anticipated growth in DBA as result of 13 months locking structure, investors can be able to move their 3% DBA unlocked to them monthly into DafriBank DeFi Lending System and earn interest on their portfolios.
The incorporation of DeFi use case in DBA forms part of our commitment to utilize DBA as a construction tool to cement Africa on the map of booming blockchain global stage. Says Catherine Anajemba, Strategic Partner at DBA Lab.
DeFi Protocol can be deployed as a smart contract in blockchains like Ethereum. “Smart contracts” are programs running on the blockchain that can execute automatically when certain conditions are met. These smart contracts enable developers to build far more sophisticated functionality than simply sending and receiving cryptocurrency. These programs are what we now call decentralized apps, or dapps.
About DafriBank Limited
Ain’t like traditional commercial banks with core banking, DafriBank or The Digital Bank of Africa (DBA), is a borderless digital-only bank specifically built to serve as electronic payment gateway system for digital entrepreneurs. DafriBank addresses the banking needs of Africa’s growing digital entrepreneurial class — a niche that has been largely ignored by the traditional banks.
A borderless means, anyone with access to internet anywhere in Africa, can open, own and operate DafriBank account and other products offered by the bank.
At DafriBank, we see technology as an enabler and as a generator of new opportunities. We are forward-thinking, benchmarking trends in technology to shape our future that will be coupled with our practical delivery on a highly automated platform that will make us unique.
Our leading edge in IT will keep us well positioned in the global banking community to sustain our offering of exceptional Digital banking services. As a bank built with principle, we believe our success will hinge on satisfying our customers and helping them unlock the real value of their digital businesses. Its website explained.
DafriBank is a division of DafriGroup PLC, a multi- national venture-capital public company headquartered in Johannesburg, South Africa with offices in Nigeria.
The group focuses heavily on emerging African technology and digital companies that have been deemed to have high growth potential or which have demonstrated high growth. Founded in late 2019 by Xolane Ndhlovu, the former Chief Executive Officer of UMEH Ltd who led the company to a R500m evaluation.
The company began it operation in 2020 and has completed a $5 million startup investment in DafriBank Limited.