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Defi promises a future free from centralized control. It has unlocked a new world where you can borrow money without a bank, earn interest on your crypto holdings at rates exceeding traditional savings accounts, or trade assets directly, peer-to-peer, without relying on intermediaries. One of defi’s key incentives is to break down barriers that have excluded vast parts of the global population from financial services.

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Neobanks, on the other hand, are digital-only banks that operate online, with no physical branches. Due to their …