TLDR Tech / Crypto
TradFi doesn't want DeFi, it wants blockchain
Institutions are selectively adopting blockchain technology, such as atomic settlement, shared ledgers, and programmable money, while discarding DeFi's core properties of open access, pseudonymity, and permissionless execution, producing a new category the firm calls "programmable financial infrastructure." JPMorgan's permissioned deposit chain, BlackRock and Franklin Templeton's tokenized money market funds, and Circle's Arc are examples of institutions using blockchain plumbing without embracing decentralization. Builders should choose clearly between serving institutional buyers or open crypto-native networks rather than pursuing both, since the two require fundamentally different products, sales cycles, and success metrics.
Read the full story