How DeFiVerse is using decentralisation to solve the crypto finance problem?
CXOToday has engaged in an exclusive interview with Co-founder of DeFiVerse, Mr. Abhishek Bajaj.
- Tell us about your professional background and foray into entrepreneurship.
I think I have always been an entrepreneur at heart. From a very young age, I have always been fascinated by the financial market. Around the time of my graduation, despite pressure to take up the family business, I decided to build a career around the stock market.
My big break was in late 2016, when my younger brother Akshay (co-founder of AB Nexus) told me about public blockchain platforms. I took a leap of faith and made a large investment into the crypto market. This proved to be a turning point in my career! Capitalizing on the 2017 bull run, Akshay and I, along with some close friends started a crypto asset management platform called AB Nexus. We are currently managing crypto portfolios for over 50 loyal clients!
I have always found that entrepreneurship often succeeds only if it is born out of your own passion and life experience rather than a search for a sellable product or service!
- What services does ‘DeFiVerse’ provide to its audience? What motivated you to put DeFiVerse on the market?
Over the last few years, we found that managing the crypto assets of our clientele across multiple protocols was quite a hassle. We also noticed that the crypto ecosystem had a lacuna of good asset management platforms. It was in resolving these problems that we found inspiration for our latest venture- DeFiVerse!
DeFiVerse is a decentralized asset management platform that allows creation, management and investment into decentralized crypto funds.
DeFiVerse essentially acts as a bridge between crypto fund managers and traders, and retail investors looking for alternate investment options. Managers can start funds and monetize their strategies. Investors on the other hand, gain exposure to the strategies crafted by the top minds of the space.
All these transactions take place in a permissionless, non-custodial fashion. Simplistically speaking, there are no middlemen, everything is transparent and the investor retains control of his funds at all times!
- What is the USP of the ‘DeFiVerse’ or the advantages of ‘DeFiVerse’ for the crypto community?
DeFiVerse has several advantages against its competitors. The primary advantage is a proprietary fee structure that allows fund managers to be fairly compensated for their services. While this is a basic facet of traditional fund management, creating the infrastructure for this fee model is a very major challenge in the Decentralized space. We have created brand new smart contracts to implement this system.
Another big differentiator is our tokenomics. Our tokenomics model takes the best aspects of all our competitors and brings some brand new concepts as well!
Our third differentiator is the nature of our smart contracts. Our code has been written in a fully modular format. What this means is that, we will be able to test and implement upgrades and expansions very easily. We are also extremely gas optimized. This means that our protocol will have the lowest transaction fees in the crypto asset management sector!
We also have many other differentiators like a sleek and intuitive UI / UX, as well as some extremely flexible auditing systems.
- How does it benefit the Indian financial sector?
The nature of crypto is that it is borderless. This means that the benefits of DeFiVerse are not exclusive to any country. While the services of DeFiVerse definitely will accelerate the crypto-activity in India, we feel that the most important value that we add is to grow the crypto community in India through education on the technical and financial principles of crypto.
As a Web 3.0 start up in India, We feel that our understanding of crypto and the psychology of the community can be leveraged to create a great knowledge hub! By providing information through YouTube, Twitter and Medium, we envision our product and community growing.
- In your opinion, what is the future of Decentralized Finance in India? Keeping in mind India’s fluctuating Crypto industry?
If I had to explain the future of DeFi in India in three words It would be – Revolutionary, Inclusive, Uncertain.
If the governments are able to understand and appreciate the intrinsic value of blockchain technology, I can definitely see India being one of the powerhouses of crypto and DeFi in the next decade.
Just the way in which India has adopted the IT space, our inherent strength in academics will provide the brightest minds to the crypto world.
While the future of the legislative side of DeFi is very shaky, the technological side has only one future- Radical improvement in finance and web development!
