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The near-zero participation cost of DeFi can help 1.4 billion people without a bank account.
Anton Bukov, co-founder of the DEX 1inch, stated that DeFi has a significant cost advantage over traditional banks in attracting new users. Speaking at the Netherlands Blockchain Week on May 22, he mentioned that traditional banks spend 100–300 USD on verification and account opening for each user, while DeFi costs almost nothing besides a phone and internet.
According to Bukov, it is the high cost that prevents 1.4 billion people worldwide from accessing banking. Meanwhile, DeFi enables them to easily participate in the global economy through stablecoins like USDT, using just a mobile device.
He emphasized that DeFi does not require physical infrastructure or complex processes, making it an effective tool to promote inclusive finance as the internet becomes increasingly prevalent.