DeFi: A Potential Revolution in India’s Developing Economy

India is a country that has immense potential.  Its relatively young population of 1.4 billion people is joining the workforce in greater and greater numbers even as its industries broaden and become more advanced. As its population grows, so too does its support for unorthodox economic tools like cryptocurrency. Decentralized Finance, or DeFi, is the next step in India’s economic revolution. 

Nimbus is a company founded on decentralized ideals and the technology behind blockchains. It seeks to help usher in these new economic ideas by allowing users to easily access Crypto markets and develop an understanding of the blockchain. Pushing for the ideas that DeFi represents, Nimbus offers financial services and advice for many people who are seeking new avenues for financial success. 

DeFi in India is a new front for the Crypto market, and it is one that offers many possibilities as it gains wider acceptance. For many people, it offers an alternative to traditional banking systems that are no longer as trusted or reliable as they once were. For others, DeFi represents financial independence in the form of being able to choose how and where their money is used. For many more, it offers the chance to advance themselves above what their social class would usually permit. 

DeFi has immense potential in India and already has many proponents that are actively petitioning for its usage. As it allows for transparency that traditional baking systems can’t provide, it offers a level of comfort that has been so far unobtainable for many people. In an already wary country, it is certainly an appealing idea to have this accountability so readily available. 

India’s developing economy is also one that is keen on being on the cutting edge of financial ideas. As the service industry continues to grow alongside GDP, so too does the makeup of India’s social classes. A growing number of Indians see cryptocurrency and DeFi as a way for them to break out of their economic slumps and achieve financial security. Nimbus is able to serve as a tool for them to achieve these goals by making everything simple, laid out, and easily accessible for anyone interested in the program. One of the most utilized tools comes in the form of Peer Peer transactions

Peer to Peer transactions is one of the largest benefits that come from utilizing DeFi, as it eliminates the middleman in common transactions. The need for a broker or third party is eliminated as the individual is able to directly make their own choices in regards to how and when their money is utilized. This financial independence is something that is greatly appealing to the growing number of Crypto users in India. 

Nimbus offers a direct P2P (Peer to Peer) service for its users to access at will. Not only does this allow for more direct transactions, but it eliminates the need for direct governmental oversight and allows for more seamless purchasing and payment. Its new operation in India seeks to inform and aid any prospective users who wish to utilize DeFi in this efficient manner. 

Adding to this is the library of decentralized applications that Nimbus has to offer. New partners in India will be able to utilize these resources as they further explore Crypto and DeFi. For instance: a lending and borrowing app already exists to allow people to experiment with Crypto at their own pace, with a trusted lender guiding them. 

A large number of cryptocurrency supporters in India have already recognized the potential benefits that DeFi has to offer and have called for more support for the fledgling industry. Already India ranks amongst the highest in support for Crypto, and this is projected to climb higher as the world pulls itself out of the recent COVID-fueled recession. 

The alternative to traditional methods of banking is seen as highly attractive by many of India’s young working population. Both the 2008 Recession and the recent 2020 Recession have laid bare the weaknesses of a stagnated and unchanging banking system and inspired in many the desire for a new path forward. 

The ultimate goal of Nimbus is to provide that new path in the form of a fully decentralized bank fully based on blockchain technology. This revolutionary idea will find itself independent of any previously existing financial institution or governmental body, thus ushering in a new era of financial independence. This idea appeals to many of those Crypto investors in India as it offers an alternative path towards financial security than what the banks would offer. 

India, already serving as a major blockchain hub, is the next step towards achieving that goal and the company is making it clear that many in India will benefit from this idea. An estimated 20,000 new users are expected to sign up by the end of 2021, a dramatic step towards greater DeFi integration. 

Though India’s government has shown cautious optimism towards the idea of cryptocurrencies and hesitancy towards DeFi, the people of India continue to show great enthusiasm for these alternative options, free major institutional interference. The market is ripe for the next big thing, and DeFi serves as that idea. 

The rise of cryptocurrencies like Etherum and Bitcoin has shown that the market is more fluid and adaptable than ever before. India stands as one of the focal points for this new change in market trends and it is one of the next great financial giants to be coming into its own. DeFi will continue to grow just as India itself grows, and Nimbus will continue to offer its services as DeFi expands further. 

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