OKEx Speaks At Davos: Blockchain Is Best Placed For The Unbanked

In today’s cryptonews, we can see that the major cryptocurrency exchange OKEx speaks at the 50th World Economic Forum Annual Meeting in Davos this week, promoting blockchain technology as the new vehicle in the global financial systems.

As we saw, there were two presentations delivered by the OKEx Financial Markets Director Lennix Lai on January 22 at the Russia House 2020 and EmTech Investment Meeting 2020 – focusing their minds on the challenge of extending their financial services to the over two billion people worldwide who still remain unbanked.

OKEx speaks at Davos and praises blockchain unlike ever before. The director Lennix Lai argued that a digital and decentralized financial system underpinned by blockchain and cryptocurrencies can be of mutual benefit both to the incumbents in traditional financial markets as well as the unbanked global population.

The innovation of decentralized finance (DeFi), as OKEx speaks, is poised to “substantially lower” the operational costs for institutions. He also argued that it may bolster financial inclusion by serving areas that traditional banking fails to.

“We see the endorsement from global regulators. […] We also see the volatility of Bitcoin getting lower, making it become a favorable alternative asset for mainstream finance. And the recent surge of DeFi reflects that people are starting to brace a free, open, permission-less financial system,” Lai noted.

As reported, the 2020 theme at Davos is “Stakeholders for a Cohesive and Sustainable World.” Some have construed this as the World Economic Forum and its response to increasing public discontent with rising inequality and the power of oligopolistic financial elites.

OKEx speaks in Davos in the following days but it is not the only big crypto company which delivers a speech. There are a lot of influential personalities from the cryptocurrency world – as well as blockchain news experts who are hoping to see more updates and announcements about the underlying technology of crypto and how will it play out in 2020.

Meanwhile, news from the market show that the biggest gainer in the top 20 today is Ethereum Classic (ETC) which managed to add 3.63% to its price of $9.30 at press time. After that, we can see TRON’s rise by 2% which positioned TRX at $0.0172.