Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.

Some of the key attractions of DeFi for many consumers are:

• It eliminates the fees that banks and other financial companies charge for using their services.

• You hold your money in a secure digital wallet instead of keeping it in a bank.

• Anyone with an internet connection can use it without needing approval.

• You can transfer funds in seconds and minutes.