Crypto Will Change How Businesses Work: Mark Cuban

Mark Cuban believes that Crypto will change how businesses work and the entire sector will be transformed fundamentally and in today’s crypto news, we find out how.

In an interview, Cuban told Jason Calacanis from the Angel Podcast that blockchain technology and the decentralized finance space are on the verge of fundamentally changing many industries. Cuban explained that the nascent DeFi sector is growing and it Is becoming even more user-friendly because individuals and businesses are realizing that they can gain more access to what’s a streamlined financial system without the hassle that users face 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.
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For me to get a loan from the bank is a hassle… no matter how much assets I have.”

He said he uses Aave and all you have to do is put the money there if you want to borrow $2500 bucks it takes about 15 seconds. The point here is that there’s no friction involved compared to dealing with banks and we are only six months into this whole thing in terms of being consumer-friendly which is why crypto will change how businesses work. He said that the smart contract platforms are becoming even more user-friendly and reliable so the crypto space hits a pivotal point with the idea of decentralizing finance in other areas starting to seem possible.

 “To me, once people got a feel for the blockchain particularly on Ethereum and the smart contracts started to become open source and understandable and the apps started getting written so that they could be used by consumers, that took a step forward.

At that point, people realized Bitcoin’s not a currency. It’s a store of value, Ethereum’s not really a currency even though you can buy things on the blockchain, but with smart contracts you can decentralize authority and it’s trusted by everybody.”

Mark Cuban went on to outline his prediction that Defi will rise in popularity even more and so will the NFT, saying he sees a future in which every physical asset can be digitized. Over the past year, we saw Defi taking off and this only changed the game getting more people involved in putting money in the wallets.