Acknowledging the significance of this partnership and the role of in DeFi space, the CEO of OKEx Jay Hao said, “Compound has long been leading the field in decentralized finance, yet thanks to its continued innovation and development, it has now become the largest player in DeFi and a shining example of how far development has come in this place.”
He further stated, “We are extremely pleased to be able to help foster the growth of the DeFi ecosystem alongside Compound. It is our belief at OKEx that DeFi will eventually disrupt traditional finance and provide equal opportunities for everyone to access financial services. This, in turn, helps us to realize our vision at OKEx, which is to #FinanceAll.”
Compound is the creation of Robert Leshner and Geoff Hayes. It enables users to lend, borrow, and earn interest on cryptocurrency in peer-to-peer transactions over a decentralized blockchain protocol. The native token of Compound, COMP is a governance token that is designed to impart certain rights to the token holders, which are important for the effective functioning of the protocol. The COMP token holders possess the right to vote on crucial decisions affecting the protocol including the likes technical upgrades, incorporation of new crypto assets, etc. The Compound protocol has been around since 2017, and today, it is one of the largest DeFi protocols in the world with over worth of locked crypto assets.Earlier this year, prominent members of OKEx including the CEO Jay Hao and Director of Financial Markets Lennix Lai have announced the company’s interest in creating inclusive blockchain-based financial solutions at various high-profile events. According to them, OKEx believes that the use of DeFi can help in financial inclusion, helping solve the issue of “unbankedness” in an efficient, cost-effective way. In order to achieve it, they are more than willing to collaborate with other entities including private companies, government bodies and banking institutions.
OKEx’s DeFi proposals have been well received by representatives of various governments and financial sector, and the company is working relentlessly to achieve its vision to finance all. The platform believes that Compound is one of the projects that can play a crucial role in issuing and managing credit on blockchain, which is an important aspect for any financial ecosystem. As DeFi for all becomes a reality, these systems could help millions of people secure their future by providing the much-needed financial products which are currently unavailable due to lack of banking access.