Journal of
Italian
Banking
Association
year 100
Italian
Banking
Association
year 100
From DeFi to institutional DeFi: a breakthrough for the capital markets
Giulio Anselmi, Alessandro Biancini, Federico RajolaMay 2023 - n. 5
Keywords: DeFi, Security token, liquidity pool, blockchain
Jel codes: G10, G15, G21, O33
The article introduces the phenomenon of decentralized finance (DeFi), and illustrates its main features together with the main elements of innovation compared to traditional finance. In more detail, we define the different business models that can be pursued by the financial intermediaries participating in an institutionalized form of DeFi, where the benefits of decentralization are promoted within a well-defined regulatory framework.
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