DeFi Offers Hope for Reducing Global Poverty Through Decentralized Finance

New initiatives highlight how blockchain technology and decentralized finance (DeFi) could play a key role in addressing economic disparities around the world. Advocacy groups are emphasizing DeFi’s potential to reduce transaction costs, particularly for vulnerable populations lacking traditional banking services. They project that removing intermediaries from financial service delivery could save an estimated $30 billion annually through lower remittance fees. This reduction could drastically impact individuals sending money home and paying transfer fees, ultimately transforming the financial landscape for many underserved communities.