Paperwork. Bureaucracy. Fiat. All of these concepts are what comes to mind to most people when they think of the traditional finance sector - banks, money-lending services, and mainstream payment systems. They began as a way for nobles and traders to keep the gold that they owned safe in vaults while they travelled the world since it was cumbersome to take these heavy precious metals with them wherever they went. These nobles and traders were given receipts by the first historical banks which allowed them to redeem the valuables that they owned within the banks’ vaults.
Decentralized finance, on the other hand, is almost the anti-thesis of this. Highly anonymous permissionless transactions that take place within minutes to seconds. They are built in blockchain technologies and revolve around cryptocurrencies such as the well-known Bitcoin and Ethereum.
Currently there are extremists in the crypto space that believe that Traditional finance is the enemy and that Decentralized Finance is the future. On the other end, there are naysayers who believe that any form of widespread adoption of crypto is an attack on fiat currency, specifically the US Dollar and traditional investment funds such as the 401k.
Imagine a world where corporations, users unfamiliar with cryptocurrency, and financial institutions in the traditional sector become active and willing partners and supporters for massive DeFi projects such as OlympusDAO. A blend of the old and the new.
Abachi DAO has two main missions, as per their whitepaper:
- Fund and build the middleware and infrastructure required to bring traditional finance on-chain.
- Partner or acquire any tech, company or project that helps us in achieving the goal above.
They are planning to be the bridge between the Old and the New.
Pictured below are Abachi's core services:
(Images taken from the abachi.io pitch deck)
If this sounds interesting to you, anon, then check them out their website where you can check out their pitch deck and white paper: https://www.abachi.io/
Who knows? You may just witness the blending of the old world and the new as it unfolds.
It's a new era anon. Do you want to be part of it?