Anton Bukov, Co-Founder of decentralized exchange (DEX), 1inch, highlighted that decentralized finance (DeFi) holds a significant cost advantage over traditional banking when it comes to onboarding new users.
Speaking at a panel during Dutch Blockchain Week on May 22 2025 in Amsterdam, Bukov explained that traditional banks typically spend between $100 and $300 per user to handle document verification and account setup. Online banks, he added, reduce this cost to around $20 to $30. By comparison, DeFi can onboard users at virtually no cost – requiring little more than a smartphone and internet access.
“Onboarding to DeFi literally costs zero,” Bukov said.
“You don’t need brick-and-mortar infrastructure or lengthy verification processes. Just connect and transact.”
This low barrier to entry, Bukov said, positions DeFi to reach the 1.4 billion unbanked individuals worldwide who are currently excluded from traditional finance due to high onboarding expenses.
“That’s why we have 1.4 billion people on the planet who are unbanked,” Bukov continued.
“No one’s going to invest those hundreds or tens of dollars into them because they will never return to them.”
In contrast to traditional financial systems, Bukov emphasized that DeFi offers these individuals the opportunity to participate in the global economy. With just a mobile phone and internet connection, unbanked users can begin transacting using stablecoins like Tether’s USDt.
“You can just get a phone, access to the internet, and you can exchange your chicken for USDT,” he said, illustrating the simplicity of participating in decentralized finance.
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As internet connectivity expands globally, Bukov believes DeFi will continue to empower populations previously left out of the financial system.
Beyond financial inclusion, Bukov pointed out that crypto’s true value lies in its access to global liquidity. He described the crypto space as an emerging economic zone where hundreds of billions of dollars flow through decentralized protocols.
“Crypto isn’t just about adopting stablecoins or building national digital currencies,” he said.
“It’s a growing global liquidity hub.”
This dynamic liquidity enables new forms of financial experimentation, cross-border capital movement, and innovative yield strategies.
Bukov concluded by suggesting that nations that create regulatory frameworks to facilitate easier access to decentralized liquidity will unlock new economic opportunities.
“The more countries trade with each other, the more they succeed. Crypto works the same way,” he said.
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