Why Neobanks Will Lead TradFi’s Shift to Web3 - Aliens: AI Crypto News & Markets Updates
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Why Neobanks Will Lead TradFi’s Shift to Web3

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Polygon Blog

Thu, Jun 23, 2022

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Aliens TLDR

Neobanks, or digital banks, are basically banks without brick-and-mortar branches, meaning they offer all of their services online.

Neobanks tend to offer higher yields and operate under less stringent regulations.

Learning about and participating in DeFi can feel like a full time job.

Read more: DeFiForAll: The State of Lending on Polygon Neobanks have the opportunity to bring average consumers to Web3 without huge overheads.

Neobank product teams can also leverage the composability of DeFi protocols and combine various money legos into customized financial products.

The direct relationship with consumers and understanding of their behavior patterns allows neobanks to create a much-needed feedback loop for further development of DeFi offerings that reflects consumer demand.

The network is already home to DeFi protocols like Aave and Uniswap V3, NFT marketplaces OpenSea and Mark Cuban’s Lazy.com and Web3 gaming efforts including DraftKings , Animoca Brands’ The Sandbox and Decentral Games .

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