Damon Nam Getting Us Ready for Self-Driving Banks

In a Financial Times op-ed this month, US acting comptroller of the currency Brian Brooks likens the current wave of decentralized finance to “self-driving banks”, which leverage blockchain technology to deliver financial services without human intermediation. Like the jump from automobiles to self-driving cars, the leap from traditional finance to DeFi will usher in a new era of banking in the 21st century.

The breadth and range of these DeFi projects are huge. Whether it is creating money markets with algorithmically derived interest rates based on supply and demand, decentralized exchanges for users to trade digital assets directly with each other, or lending protocols that do not require a credit committee, they enable broad swaths of financial services to become more fair, efficient, and inclusive. 

Damon Nam, an entrepreneur with 17 years of information technology experience at Microsoft, is leading the charge in our leap to self-driving banks. Together with a diverse team of technology experts spanning blockchain, artificial intelligence, and finance, he founded Coin, an emerging financial services and technology company that is crypto native.

Coin leverages blockchain technology to empower users to execute financial transactions with freedom, simplicity, and security. The core of this premise is the Coin Exchange, which leverages atomic swaps to enable users to exchange digital assets in a peer-to-peer manner without going through central intermediaries. Coin Exchange also comes with an integrated crypto wallet for users to securely store a wide range of digital assets, such as Bitcoin, Ethereum, and ERC-20 tokens.

Coin unlocks a new chapter in the financial system that is open, inclusive, and efficient. It utilizes governance smart contracts to empower the community to decide and vote on protocol upgrades and developments. Furthermore, the company will release its developer kits and programs to empower developers to build and extend capabilities on top of existing open-source Coin products and services.

Could we usher in a future where we eliminate intermediaries, stop discrimination, and achieve universal access? With innovators like Damon building self-driving banks, we are certainly heading in that direction.

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