- The French fintech Tempo ditches remittances in favour of decentralised finance (DeFi).
- Once Tempo obtains the relevant licence for offering digital finance services, it will pivot to services based around web3, digital assets, and blockchain technology.
Tempo, a French fintech, claims that it is the first fintech in the money transfer market to suspend classical remittances to focus exclusively on DeFi.
Tempo is planning its business payment services innovation
According to Tempo, the time has come to give priority to the development of “radically new” business payment services.
The company still holds a pan-European remittance and money transfer license, but will now pivot to services based around web3, digital assets, and blockchain technology once it obtains the relevant licence for offering digital finance services.
Also read: DeFi protocol Unizen reimburses victims after $2.1M hack
DeFi has a promising future
DeFi uses emerging technology to remove third parties and centralized institutions from financial transactions. The components of DeFi are cryptocurrencies, blockchain technology, and software that allow people to transact financially with each other.
Tempo expects “significant growth” in projects connecting the traditional and decentralized finance sectors this year, and predicts a 50 percent increase in DeFi deals. “We are proud to be the first company that once specialised in remittances only to embark on such a drastic transformational journey,” said the CEO of Tempo, Alla Zhedik.
“We aim to follow modern payment market trends, while we tune our business model to a future where new technological approaches continue to emerge and classical finance and DeFi instruments are parts of a whole.”
