ShapeShift CEO Discusses Crypto’s Potential to End Forex Greed
ShapeShift CEO Erik Voorhees discussed the role of cryptocurrency and DeFi in addressing foreign exchange greed, following a tweet by Uniswap Founder Hayden Adams about high transaction fees at a European airport.
Key Points
- Hayden Adams highlighted a 20% spread on EUR/USD at an airport, calling it a result of "tradfi greed".
- Voorhees argued that greed exists in both traditional finance (TradFi) and crypto, as a form of profit maximization.
- He suggested that inefficiencies and regulatory constraints contribute to excessive spreads, not just business greed.
- Regulations prevent seamless forex trading on mobile devices, attributing blame to businessmen while real issues lie in regulatory policies.
- Decentralized systems like blockchain can minimize control and machination, making cryptocurrencies such as Bitcoin, Ethereum, and Solana appealing to institutional investors.