Following successful stints at crypto firms Coinbase and Dharma, Max Bronstein has joined DeFi-focused company Synapse Protocol.
Bronstein will be part of the C-suite of the core team at Synapse.
Bronstein said in a Twitter post that he is “joining the Synapse Protocol core team in their mission to build the most widely-used and built upon cross-chain communications network.”
“I’ll be joining as COO to head up growth, strategy, and operations,” he added.
In Bronstein’s previous stints, he helped build some of DeFi’s first lending markets at Dharma. He was also part of the team that helped in growing Coinbase Institutional’s platform in its infancy, while also investing in early-stage opportunities at Coinbase ventures.
According to The Block, Synapse’s team has helped in the growth of a number of cross-chain protocols which aid in linking disparate blockchains and allow users to transact between them. Synapse supports cross-chain swaps between 15 blockchains.
“Cross-chain swaps are complex to stage-manage, owing to varying consensus mechanisms, transaction speeds and varying coding languages. In sum, there are numerous moving parts,” The Block said.
Bronstein said in his Twitter thread that “the Synapse team has built what I regard to be one of the best user experiences in crypto. Multi-chain engineering is extremely complex, but Synapse users wouldn’t know that.”
DeFi innovation continues as the Dharma wallet introduces a way to transfer bank funds straight to DeFi on one platform.
The Dharma wallet announced yesterday that users could now send funds to Aave, Uniswap, Yearn, and Compound from their traditional bank accounts with a daily limit of $25,000.
Say hello 👋🏻 to a whole new Dharma — the Ethereum wallet that connects to your bank account.
📱 Cheaply deposit up to $25k / week into Aave, Compound, Yearn, and Uniswap directly from your bank account — instantly.
From 🏦 Dollars to 🛸 DeFi in a☝🏼Tap ✨ pic.twitter.com/sdOnrnTSB1
— Dharma (@Dharma_HQ) March 29, 2021
Dharma cited the limited functionality of ETH wallets and crypto exchanges as the inspiration for the new features, saying “the average Ethereum wallet has a toy fiat on-ramp with low limits and super high fees, and doesn’t let you withdraw to your bank.”
The wallet now claims to have more capabilities than any fiat exchange and better fiat support than any other Ethereum wallet.
Users can withdraw funds to their bank at any time of day and at any day of the week, potentially solving a major pain point for users frustrated with limited banking hours.
Dharma’s announcement stated that users can also “cheaply buy or sell any asset in Uniswap,” although this is presumably a relative term, as Uniswap fees remain historically high. The wallet’s features are powered by the dharmaOS SDK which can connect any Ethereum protocol action to Dharma.
A New Paradigm Shift
DeFi is notoriously complex and difficult for new users, making adoption an uphill battle over the past few years.
However, with a growing number of teams working on projects to bridge the gap between centralized and decentralized finance to make the latter more accessible, the bull case for DeFi is looking stronger by the day.
The St. Louis Federal Reserve published a report in February 2021 detailing the many risks faced by DeFi such as coding errors, the interdependence of projects, and operational security.
However, the central bank conceded that if DeFi can overcome these problems, finance could be about to undergo a major paradigm shift, with the “potential to create a truly open, transparent, and immutable financial infrastructure.”
Disclosure: The author held Bitcoin at the time of writing.
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