TBW - The DeFi revolution is gradually being integrated into fintechs
Depositing euros on a mobile app and collecting interest in stablecoins, without ever having the impression of interacting with the blockchain. This scenario is no longer a distant promise, but a reality. In the space of a few weeks, two young fintechs, Bleap and Deblock, have embedded the most advanced DeFi protocols on the market - Angle and Morpho - in their interfaces to offer their users a crypto alternative to traditional savings books.
A shift is taking place. Long the preserve of insiders, decentralised finance is now slipping behind the scenes of fintech interfaces. White label, discreetly but surely.
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An invisible but powerful DeFi layer
From this week, Deblock users can activate "savings vaults" to make their euros or stablecoins grow. The principle: a flexible deposit, with no lock-in period, with returns displayed at up to 6%, depending on the user plan (free, premium or native).
At the helm on the infrastructure side: Morpho, a French DeFi protocol renowned for its return optimisation strategies and security guarantees, and Yield.xyz.
In practical terms, the funds deposited are deployed automatically via DeFi aggregators such as Morpho, without the user needing to interact with a crypto wallet such as Metamask or Rabby.
"These savings vaults make DeFi accessible to novices," stresses Claire Balva, in charge of strategy for Deblock. "Fetching 6% on stablecoins is usually reserved for insiders, we're going to make it possible to do that from the euro current account in just two clicks."
An approach that can also be found at Bleap, another mobile application that chose to integrate Angle, the savings protocol developed by Pablo Veyrat, at the beginning of the year. "Our aim is to become the back-end for stable savings, both in the native crypto world and in applications aimed at the general public", says the entrepreneur.
User experience first
With these integrations, fintechs are seeking to reconcile two worlds that until now have said little to each other: that of the ultra-simplified interfaces of Web2, and that of the complex protocols of Web3.
At Bleap, for example, a user can buy stablecoins using Apple Pay, then deposit the funds directly into an Angle-based savings box. The interest rate is displayed, earnings start immediately, and withdrawals are free at any time. "Everything is automated, we pay them 90% of the return, and keep 10% for ourselves", adds Pablo Veyrat.
This apparent simplicity conceals sophisticated engineering. At Angle, for example, funds can be redeployed between different chains (Ethereum, Arbitrum, Base) to maintain a uniform rate, whatever the environment. A risky technological gamble, but an ambitious one.
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Fintechs and DeFi: an alliance of circumstances
The choice of fintechs to back themselves with DeFi protocols is not a trivial one. It responds to a twofold logic: to offer high value-added products without building the infrastructure themselves, and to align themselves with returns that traditional markets cannot offer.
"What we offer is not necessarily the product with the highest return in DeFi, but it is a very stable, very secure product, and one that can really scale," agrees Pablo Veyrat.
At Deblock, the same logic prevails. By segmenting users according to their price plan, the startup optimises access to performance while ensuring a sustainable business model. For premium customers, Deblock charges no fees. For others, a commission is applied to interest (not capital), similar to some neobanks.
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A still cautious adoption among the giants
There remains one central question: will the big fintechs like Revolut follow this trend? For Pablo Veyrat, it's only a matter of time, but there's still a long way to go.
"For these players, DeFi is still perceived as a risk. There have been hacks, and they don't necessarily have the expertise to evaluate the protocols. The first stage will surely involve non-custodial products, like what Bitpanda is doing. Then will come the more integrated offerings."
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For Paul Frambot, co-founder of Morpho, the move is unstoppable :
"Fintechs are natural partners for DeFi, and their transition to on-chain infrastructures will be one of the main drivers of institutional interest. The logic is simple: historically, fintechs distributed financial products from major asset managers such as BlackRock or Fidelity. But by now controlling their own infrastructures on blockchain, they will emancipate themselves from these traditional players."
He continues:
"Asset managers are facing the risk of disintermediation. To counter this, these asset managers must also position themselves on-chain. If a fintech uses DeFi solutions like Morpho to manage its products, it is imperative for an asset manager to be compatible. This creates a snowball effect where institutions have no choice but to enter the blockchain ecosystem."
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