Traditional Financial infrastructure can be an obstacle that many small and medium-sized businesses are never able to overcome. But with the rise of cryptocurrencies, they might just be the solution that SMEs have been looking for.
This new age DeFi tech is the closest thing to a global currency that can be used by anyone. Martha Reyes who happens to head the Research Department at Bequant says that crypto is the answer to all such problems.
Reyes said that global trade and related financing will become much simpler and more efficient with crypto. Remittance payments are still a sore point in many people’s lives and this new age DeFi can help lessen the burden.
And being the cutting edge tech that they crypto is a very viable solution for this problem. Not only will it eliminate the need for Forex, but also make payments faster. Lengthy transaction times will be shortened to mere seconds. On top of that, all the bank levied charges will also be dropped.
Also from a security point of view, cryptocurrencies fare much better. With the introduction of smart contracts, you can now trace the owners of the documents too. All transactions on the blockchain are much faster and more secure.
When all the merits and demerits of cryptocurrencies are considered, it is easy to see how they can aid global finance. With faster transactions and secure networks, crypto can help Small and Medium Enterprises to grow rapidly all over the globe.
If you have been planning to get into crypto right now is the best time to do so.