DeFi is blowing up and I’m confused as to whether BlockFi is DeFi or not?
DiFi or Decentralized Finance includes digital assets, protocols, smart contracts and Dapps built on a blockchain.
DeFi offers control of your own assets.
The various products involved in DeFi are also collectively referred to as open finance since it’s
an ecosystem where blockchains, digital assets, and open protocols are integrated with
conventional financial structures.
This is where BlockFi comes in.
It’s an open lending protocol: a digital money lending platform built on a blockchain.
It allows users to borrow and lend digital assets but employs familiar credit models like credit
checks and a company processing loan requests on the backend.