Kraken Sees 6x Surge In New Users: DeFi Devours The World Of Finance, CEO Says

The DeFi movement has been growing in popularity a lot, and 2021 will probably be another great success for the emerging sector.

It’s been just revealed that Jesse Powell, chief executive of crypto exchange Kraken, recently said that the firm has been witnessing a significant uptick in the number of new users as interest in cryptos grows.

GameStop mania and cryptos

The online publication the Daily Hodl notes that during a new Yahoo! Finance interview, Powell responded to a question regarding how much of the GameStop mania in the equities market has spilt into cryptos.

“Quite a lot, actually. And people that started trading with cryptocurrencies first are shocked to find out how the equities markets actually work, with so many middlemen in the process, not actually owning your stocks, having someone else technically own them, having someone else custody them, not being able to move them wherever you want instantly,” he said as cited by the Daily Hodl. 

He explained that “It’s a very different system, and I think it’s a system that is really no longer necessary now that we have a crypto system. And I think we’d be much better off with a bare instrument system where people can take their shares, move them anywhere they want, trade them anywhere they want, and trade directly on the exchange.”

The crypto exchange benefits from the booming interest in the DeFi space and Powell also made sure to confirm that Kraken has witnessed a six-fold surge in new sign-ups.

He made sure to point out the fact that in the past 24 hours, something has obviously happened that has been causing a lot of people to join the crypto space.

Cardano to impact DeFi

In other news, analysts say that Cardano will boost DeFi.

Cardano continues to make headlines these days for all the achievements that the project is making. Now, the team behind the project is addressing the impact that Cardano will have on the DeFi movement.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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