DeFiance Capital CEO Arthur Cheong said he is watching three altcoins that he believes are fulfilling the strongest narratives of cryptocurrencies.
In a new interview with the When Shift Happens YouTube channel, Cheong said cryptocurrencies and blockchain technology are poised to meet needs that were once met by the fintech industry.
“Cryptocurrency and blockchain are well-positioned for abstraction. And I think this is still true today.
There are obviously a lot of problems, but it makes sense from a first principles perspective. So I think this is worth investing in and I think you could say that DeFi (decentralized finance) is in some ways a better form of fintech…
I don’t think fintech really brings anything new to finance anymore. Because whatever the technology part can bring to finance, banks can do it themselves. The bank is acting as a robo-advisor, and it is doing all of this on its own. “Maybe it’s a little bit slower, but not at a level that we can’t catch up with in two or three years, so there’s nothing new that fintech can bring to the financial world.”
Cheung singled out DeFi protocols Synthetix (SNX) and Aave, and cryptocurrency gaming project Axie infinity (AXS) as altcoins he is particularly bullish on.
“But I think DeFi is a fundamentally different paradigm. It’s a different way of organizing the financial world. Because this is a field worth investing in, I invested in Synthetix and AAVE early on. The same goes for Axie (Infinity). “If you look at many sectors, I think gaming is one of the few that is suitable for cryptocurrency.”
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