As the decentralized finance space remains plagued with hacks, people have become less interested in jumping in and engaging with DeFi. But, according to Dennis Jarvis, the CEO of Bitcoin.com, there is a way for DeFi adoption to move forward through Bitcoin (BTC).
In a keynote speech at the Blockchain Economy Dubai Summit 2022, Jarvis pointed out that massive losses of investor funds like the collapse of Terra and the Axie Infinity Ronin hack have made DeFi unappealing to potential users. However, the executive believes that by using Bitcoin as a hook, DeFi can overcome the onboarding crisis brought about by its declining reputation.
Speaking to Cointelegraph, Jarvis explained why his team believes that Bitcoin can be people’s gateway to the DeFi space. He said:
“I think the vast majority of people are mostly interested in finding out about Bitcoin first. It’s the first step on their crypto journey, and so that includes buying their first Bitcoin.”
The executive said that after people get their hands on their first BTC, the team has the opportunity to help the community easily swap some of the Bitcoin into assets like Avalanche’s AVAX, Polygon’s MATIC, Ether (ETH) or others through a decentralized exchange. Jarvis believes that this can eventually push Bitcoiners further on their DeFi journey and use decentralized applications.
When asked why Bitcoin.com, a brand heavily associated with Bitcoin and Bitcoin Cash (BCH), is venturing into DeFi, the executive explained that it believes in a multichain future and is trying to improve its offerings to its consumers. He said:
“We really think that multichain is the future for crypto, that there is frankly a universe of possibility and a multitude of features available in various DeFi primitives that are popping up all over the place.”
Because of this belief in a multichain future, the executive highlighted that the firm should be able to keep up. He noted that it wants to give its users the ability to participate in DeFi.
When asked about Bitcoin maximalists who might not support DeFi or any other products apart from Bitcoin, the executive highlighted that being a Bitcoin maxi may be related to concerns about scams. He said:
“I think there is some element to maxism that is concerned about people getting scammed and ripped off, and so are we. [...] We do our best to help them avoid the riskier, maybe potentially scammy side of crypto.”
Jarvis highlighted that in the end, the team is happy to support those people who believe that Bitcoin is the one true coin and that everything else is a scam.