DeFi Education • 559 implied HN points • 07 Sep 24
- DeFi can simplify foreign exchange transactions by allowing people to pay for goods in one currency while quickly converting it to another on-chain, making it cheaper and faster than traditional bank methods.
- Using crypto for migrant remittances can significantly lower transaction fees, helping workers send money home with minimal costs, unlike banks that charge high fees.
- Businesses can manage their foreign currency needs more efficiently using DeFi, avoiding complex dealings with banks and saving money with faster, more transparent transactions.