“DeFi is a remarkable innovation; however, it has achieved limited institutional adoption,” Schnarch said in a statement. “Current product offerings fall short of meeting the traditional finance bar, especially as it pertains to compliance and technical requirements.”
The move is a logical response to the shift in DeFi’s user base, according to Ran Hammer, chief business officer at Orbs.
“Retail participation is a fraction of what it was, and the chain has quietly become a venue for settlement, execution and interaction between financial institutions,” Hammer said. “Since DeFi summer, the space has turned into something completely different, essentially a new financial layer for institutions. So bringing in leadership that speaks that language is exactly the right direction.”
The size of the allocated budget, the largest approved by Compound’s decentralized autonomous organization (DAO), may help underline its commitment.
“The $52…
