It’s been just revealed that billionaire investor Mark Cuban said that the crypto sector would fundamentally transform the way in which businesses function.
In a recent interview, Cuban told Jason Calacanis of the Angel Podcast that blockchain tech and DeFi are about to revolutionize a lot of industries.
He explained that as the nascent DeFi sector grows and becomes more user-friendly, businesses and individuals will realize that they can gain access to what is essentially “a streamlined financial system absent of the hassle embedded in traditional banking.”
Smart contract platforms get more reliable and user friendly
“Banking… if you have $10,000 in the bank and you need to borrow $2,500 to go on vacation knowing you’re going to get a bonus at the end of the year. Maybe you could put it on your credit card you’re going to pay your 19%… and if you wanted to get an actual loan from your bank, it’s a hassle. For me to get a loan from the bank is a hassle… no matter how much assets I have,” he said.
He continued and explained that “Well, you go onto Compound, I use Aave, and you just put the money there and if I want to borrow $2,500 bucks it takes me less than 15 seconds… The point is that the amount of friction involved to do it versus dealing with banks and we’re six months into this whole thing in terms of being consumer-friendly… This shit is crazy. It’s going to change how all businesses work.”
He also said that smart contract platforms are becoming more reliable and user-friendly. The crypto space managed to hit a pivotal point and the idea of DeFi in other areas looks possible.
“To me, once people got a feel for the blockchain particularly on Ethereum and the smart contracts started to become open source and understandable and the apps started getting written so that they could be used by consumers, that took a step forward,’ he said.