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Ben Knaus and Firepot Finance: Making DeFi Accessible for Everyone, Including Your Mom

As the world becomes increasingly digitized, the rise of web 3.0 and decentralized finance (DeFi) has ushered in a new era of financial possibilities. However, the complexities and barriers to entry associated with these emerging technologies have often limited their adoption.

Ben Knaus is no stranger to being an early investor in tech with a high barrier to entry. He has been an early investor in Bitcoin, Ethereum, Avalanche, Polkadot, and Cardano. He has also been actively involved in the tech community, sitting on the Forbes Technology Council, and being featured in numerous publications like Cointelegraph. In addition, Knaus was recognized as the Bitcoin Crusader of the year in both 2021 and 2022 by Hackernoon.

DeFi’s Problems

Ben commented, “DeFi has a UI/UX problem, as we see 76% of new users to DeFi leave and never return. Coupled with the time it takes to bridge assets and switch networks, many users opt for Centralized Exchanges due to their ease of use. The failures of centralized entities like FTX, Voyager, Celsius, and Blockfi in 2022 further highlight the need for users to have custody over their own assets. The next wave of web3/DeFi adoption will come from applications that automate existing roadblocks and remove tribalism with an omnichain view.”

Finding Firepot

“I found Firepot on LinkedIn and noticed their hyper-focus on combining Cefi UX with DeFi innovation. I had been discussing this exact UX and was looking for a team that could build it. After going through their material, I discovered they were hiring a CEO. I reached out and had multiple calls with the team. Tom and Varela’s technical prowess is unrivaled, and their vision for improving UX/UI resonated with me. Things clicked for both sides, and I was honored to be given the opportunity to lead such a great team.” Ben added.

DeFi for Your Mom

“We set out to create DeFi so easy, that our moms could use it. My mom isn’t the most tech-savvy, and my dad still uses a flip cell phone. Our North Star is to create the most user-friendly DeFi app in the world,” Ben added.

Firepot’s Offering to New Users

  • Eliminating seed phrases and instead using biometrics/Face ID
  • Implementing features like Robo Advisory/Smart discovery to match new users’ risk profiles and ensure assets/pools have been vetted
  • AI-driven risk management curated with on and off-chain data
  • Intuitive automation: Auto DCA, Autoharvest staking rewards, Auto ejection from lowering APY positions or unsafe platforms. No more bridging assets or switching chains
  • Copy Trading: Follow the moves of featured successful traders

Knaus believes that Firepot Finance will be a catalyst for mass adoption by providing intuitive solutions geared towards non-native web 3 users, breaking down the complexities associated with DeFi access.

Differentiator

“Think of us as an access aggregator that allows you to access all the opportunities in DeFi tailor-fit to your risk model. All of this is done within our app without ever having to leave,” Ben commented.

Firepot Finance’s emphasis on user experience, security, and cost efficiency aligns with the vision of bringing blockchain technology to the mainstream. It aims to bridge the gap between early adopters and mainstream users by providing accessible and efficient solutions.

What Firepot Means to the World

In talking with Ben, I could sense his passion for financial inclusion. When discussing the unbanked, I realized how Firepot can play a crucial role in promoting financial inclusion across the globe.

Ben commented, “People in developed nations, like the US, don’t worry about financial access as much as the rest of the world. However, globally, we still have 1.4 billion unbanked individuals. Financial applications that allow people to access the global reserve currency ($USD) through stablecoins are life-changing. They serve as a hedge against unstable financial systems, dying fiat currencies, totalitarian governments, and more. Additionally, they act as a gateway for accessing global remittances and payment services. For many, it’s their first financial account of any kind.”

As we move forward into the web 3.0 era, projects like Firepot Finance will pave the way for increased adoption, financial inclusivity, and the democratization of decentralized finance. Through the efforts of visionary builders/investors and innovative projects, the future of web 3.0 and DeFi looks brighter than ever before.

For more info checkout Firepot’s Twitter account.

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