Web3 banking defined

As we know, banking is changing rapidly - with the rise of blockchain technology and decentralised finance (DeFi), a new model is emerging that challenges traditional systems head-on. It is called Web3 banking and is not merely a technological upgrade. It is a fundamental rethinking of how money moves, who controls it and who gets access. And, unlike conventional banks that rely on central authorities, Web3 banking operates through smart contracts and peer-to-peer networks. It promises greater transparency, security and inclusivity, offering financial services to anyone with an internet connection - no bank account required. But whilst the potential is groundbreaking, so are the risks - from unregulated platforms to technical vulnerabilities, the road to a decentralised financial future is anything but smooth.

To understand Web3 banking, you first need to understand what Web3 represents. Unlike its predecessor and being the version of the internet now dominated by big tech platforms, W…