“The cryptocurrency space is the best-kept secret in the world and perhaps in the history of financial markets,” says ThomasFarley, former chairman of the New York Stock Exchange (NYSE).
On April 22, Farley was interviewed by Andrew Ross Sorkin, co-host of CNBC’s “Squawk Box.” In this interview, the current CEO of the fintech company Far Point, showed his great interest in the world of cryptocurrencies and in particular decentralized finance (DeFi).
DEXs gain ground in the world of finance
The businessman highlighted the volume of trade in decentralized exchanges (DEX) as remarkable. “These exchanges are moving as much volume, if not more, than Coinbase,” he said, referring to the popular exchange that recently went public on Nasdaq.
This is not entirely true because, as can be seen in CoinMarketCap, Coinbase has a daily volume of USD 4,343 million while the largest decentralized exchange, MDEX has moved USD 2,638 million in the last 24 hours.
However, DEXs have occasionally outperformed centralized exchanges. The first time decentralized exchange Uniswap surpassed Coinbase’s monthly trading volume was in September.
Farley commented that traditional competitors, such as Wall Street banks, which for centuries have been leaders in creating the global asset market, have ignored what is happening in the world of cryptocurrencies. In this way they have relinquished their leadership, allowing companies like Coinbase to grow to a valuation of $ 80 billion before even hitting Wall Street.
During the conversation, the former NYSE chairman mentioned that he did not personally invest in the public launch of Coinbase shares. Each share of the company trades with the ticker COIN on Nasdaq at a price of USD 304. Its all-time high was 10 days ago, when it reached USD 342.
The decentralized financial world is growing rapidly, as well as competition and the volume traded. At the beginning of this year Criptonoticias already referred to a growth of 200% in just two months.
This number continues to increase and new options also appear in the field. As an example, mention can be made of the Binance Smart Chain protocol, PancakeSwap, which has recently surpassed Uniswap’s trade volume. As of this writing, the total value allocated to DeFi is $ 60 billion, according to defipulse.com.