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The Connecter's DeFi Evolution: Unlocking Crypto for Everyday People

Kayla Dreuth avatar

Kayla Dreuth

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The Connecter's DeFi Evolution: Unlocking Crypto for Everyday People

DeFi is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. In the rapidly evolving landscape of finance, this type of technology is revolutionising the industry.

Sustainable Fintech 2023 startup, The Connecter, founded by Eduard and Paige Soponar, stands at the forefront, as an innovative DeFi solution that addresses the limitations ingrained in traditional fintech.

They are driven by their passion to demystify the complex world of decentralised finance and are determined to show how financial tools can be controlled - anytime, anywhere by users.

Revolutionising Traditional Constraints:

The Connecter is breaking the barriers of exclusion in the fintech industry. Their DeFi approach eliminates intermediaries, opening a gateway to financial services for anyone with an internet connection.

No longer confined by geographical limitations or the absence of conventional identification, unbanked or underbanked individuals now have the opportunity to get involved too.

Traditional fintech services are often limited by borders and jurisdictional restrictions. The Connecter's DeFi operates on blockchain networks, making it borderless and accessible to users globally, which eliminates the need for currency conversions.

The Connecter’s DeFi operates on blockchain technology, providing an immutable and transparent ledger of all transactions. This transparency builds trust among users as they can verify and audit transactions in real-time.

Traditional financial services often come with high fees due to the involvement of intermediaries. Yet, The Connecter is not letting these costly constraints get in the way. Their DeFi eliminates or significantly reduces these fees by automating processes through smart contracts.

By doing this, users keep more of what they earn in their pocket, benefit from lower transaction costs, gain higher interest rates on savings, and earn more favourable lending rates compared to traditional financial institutions.

With The Connecter, users are the sole owner of their keys to their private vault. They retain 100% control over their financial assets, allowing participation in various financial activities with minimal barriers.

Differentiation in the DeFi Space

Recognising that more than 70% of new users face difficulties opening accounts on existing DeFi apps, The Connecter prioritises user-friendly interfaces and simplified onboarding processes. This ensures accessibility for both seasoned DeFi users and newcomers.

The Connecter also leverages machine learning to provide tailored recommendations and financial guidance, with their AI Robo Advisor. This intelligent tool provides portfolio insights, enhances user experience and lowers the barrier to entry. Using an AI Robo Advisor, The Connecter team makes the DeFi experience more intuitive and tailored to a user's needs.

Security is very important to The Connecter. To address concerns about private key and seed phase management, they have implemented Multi-Party Computation (MPC) login methods and familiar authentication options, like facial biometrics, to ensure robust yet user-friendly security.

The Connecter differentiates itself in the market by going beyond traditional DeFi platforms. With their unique point-of-sale feature, The Connecter allows users to utilise their digital assets in real-world transactions. This feature enhances the practical utility of user’s assets and provides a seamless bridge between the digital and physical worlds.

Vision for the Future

The Connecter envisions a future where decentralised finance is accessible to a global audience. Joining SBC's Sustainable Fintech Accelerator Program aligns perfectly with this vision as it will help The Connecter reach a diverse user base worldwide.

Right now they are located in Romania, but with SBC, they now have the chance to expand to the APAC region.

With the Fintech Program, The Connecter will not only gain access to seasoned mentors who will provide insights and refine strategies but they will also connect with potential partners for investments and expert advice.

SBC’s emphasis on sustainable fintech aligns seamlessly with their commitment to creating a platform that not only drives financial innovation but also prioritises sustainability.

As the startup continues to evolve, they will leverage the resources from SBC and use them to scale their secure, sustainable, and user-friendly DeFi services globally - steering the finance industry towards a more empowered and inclusive future.

Learn more about The Connecter here.

See who else is in our Sustainable Fintech 2023 cohort here.

Kayla Dreuth avatar

Kayla Dreuth

Marketing Coordinator @ Startupbootcamp Australia