Crypto 101. Crypto’s growing legitimacy is coming from real world benefits, passive income, yield and versatility.
Oleg Smagin provides a great background for everyone on how crypto was sparked and developed into a burgeoning career with Alex.
Oleg Smagin career in crypto shows how the blockchain-based currencies continue to develop new opportunities. The company he works for, Delio, offers investigative services including digital asset backed lending, decentralized finance, and custodial solutions.
Their goal is to generate passive income for their users as well as lending services. They are also currently looking into building businesses in decentralized finance and NFT.
Decentralized finance is the ability to buy & sell different tokens without relying on an intermediary. In the NFT space, Delio is looking to build a market place, where verified creators can offer NFTs.
Oleg and Alex discuss the growing sense of legitimacy around the crypto industry. Unlike previously where tokens were simply bought and sold, the industry now has the ability to offer a range of services very close to what a normal bank might offer, lending, passive income etc.
Oleg also talks about how many developing countries, that previously suffered because they lacked traditional banking infrastructure have leapfrogged into crypto-banking because their populations have smartphones and are able to access their wallets much easier than a brick-and-mortar bank. On top of this, crypto currencies yields are now much more attractive that regular bank yields.
Oleg then deep dives into NFTs, explaining exactly what fungible and non-fungible means and why this offers investors and creators so many new opportunities including gamification. NFTs look like becoming a stable of the future gaming industry as a way to buy and sell game items.
Government regulation around the industry is becoming clearer, recent legislation in Korea has taken away some of the wild west feeling. Licenses, taxation and registration reassure people that they protected to at least some degree. This may take away some of the crypto original attractiveness as a decentralized place to do business, but for many others it brings reassurance.
This process of legitimization is growing, with 15% of the Korean adult population have now had at least one experience involving crypto currencies.