Billionaire investor and Shark Tank veteran Mark Cuban says the crypto sector is going to fundamentally transform the way businesses function.
In a new interview, Cuban tells Jason Calacanis of the Angel Podcast that blockchain technology and decentralized finance (DeFi) are on the verge of revolutionizing many industries.
The entrepreneurial titan explains that as the nascent DeFi sector grows and becomes more user-friendly, businesses and individuals will realize that they can gain access to what is essentially a streamlined financial system absent of the hassle embedded in traditional banking.
“Banking… if you have $10,000 in the bank and you need to borrow $2,500 to go on vacation knowing you’re going to get a bonus at the end of the year. Maybe you could put it on your credit card you’re going to pay your 19%… and if you wanted to get an actual loan from your bank, it’s a hassle. For me to get a loan from the bank is a hassle… no matter how much assets I have.
Well, you go onto Compound, I use Aave, and you just put the money there and if I want to borrow $2,500 bucks it takes me less than 15 seconds… The point is that the amount of friction involved to do it versus dealing with banks and we’re six months into this whole thing in terms of being consumer-friendly… This shit is crazy. It’s going to change how all businesses work.”