Current Date: Tue-Apr-2024

EXCLUSIVE: PsyFi Co-Founders Discuss DeFi's Crossroads At Solana's Breakpoint Event

Grand News Network | November 6, 2023

The digital asset landscape is at a pivotal crossroads, with the ethos of decentralized finance (DeFi) — privacy and decentralization — clashing with the growing demands for regulatory compliance.

At Solana's (CRYPTO: SOL) Breakpoint crypto conference, Tommy Johnson and Taylor Johnson, the co-founders of PsyFi, the financial products provider on the Solana blockchain, weigh in on the topic.

"I think it's interesting when we talk about adding KYC on-chain and all that because you have to think about how you get assets on-chain. You can't just create them out of thin air. So if you want to get U.S. dollars on-chain, you need to go to Coinbase or Kraken or some other intermediary where you have some onramp, where you have KYC. So, you know, companies like Chainalysis do this where the government, the government can figure it out like privacy," Tommy said.

"In most crypto sense, ...

Full story available on Benzinga.com


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