Existing Financial Systems are Rigged, Says Fringe Finance CTO Brian Pasfield

The traditional finance world, or TradFi as we know it, lacks inclusivity. According to the data published and endorsed by the World Bank, only 69% of the world’s adult population has an account. Although financial inclusion is the enabler for seven out of the seventeen Sustainable Development Goals, 1.7 billion people are unbanked. Lack of inclusion stems from the entry barriers that the TradFi has itself cultivated in the form of unnecessary documentation needs, involvement of too many intermediaries and approvals in the process, and more. The current financial structures are rigged, believes Brian Pasfield, CTO of Fringe Finance. In an interview with beINcrypto’s Alexandra Kons, Brian said that his observations held ground for other segments as well, including gold, commodities, silver, metals, energy markets, and so forth. He added that this “gave him a bit of an insight at how things operated at a global and macro scale.” Therefore, Brian believes, the decentralization of financial systems is not an option but a necessity. A catalyst for decentralization The 2008 global financial crisis was devastating, as it wiped off $22 trillion from the United States economy. If we distribute these losses to all Americans, they would average at $72000 per citizen. The crisis made it clear that the global financial ecosystem is under the control of a few financial institutions. At a global level, the combined GDP of all cou...