The $7 Trillion Global FX Market Is a Target for DeFi Proponents

The cryptocurrency world has been suffering a crisis of confidence, but that’s not stopping proponents of decentralized finance from going after the $7.2 trillion global currency market.

Researchers behind one of the largest decentralized finance market places are courting traders of fiat currencies, arguing that moving them onto blockchain would cut the cost of global remittances by 80% and eliminate settlement risks.

In a paper published online, scientists and executives for Uniswap Labs and Circle Internet Financial say that users of the $550 billion global remittances industry could benefit from cost savings of up to $30 billion a year using …