Recap of OpenFi Bangkok 2024: Bridging DeFi and Traditional Finance
After the remarkable success of OpenFi EthCC Brussels 2024, which drew over 600 attendees, 36 speakers, and top sponsors from companies like Safe, Fabric Ventures, and Circle, OpenFi at Devcon SEA 2024 took things to the next level. With thought leaders from companies such as Venmo, Near, Metamask, Solana Foundation, Gnosis Pay, Stellar and many others, the event proved to be a powerful milestone in the journey towards DeF becoming an integral part of people’s everyday lives.
OpenFi in Action
OpenFi is about connecting decentralized tools with mainstream financial applications, creating an infrastructure that allows self-custodial solutions such as bank accounts, debit cards, and savings products to seamlessly integrate into daily financial transactions. The event showcased how these innovations are paving the way for a new class of DeFi projects that are both scalable and user-friendly. As always, OpenFi’s agenda included dedicated stages for panels and keynotes, networking opportunities, and plenty of moments for discussions over lunch, snacks, and drinks. Attendees were able to meet the trailblazers in the space and hear from the biggest names who are building the next generation of financial infrastructure.
Key Insights from talks
Panels
1. Panel 1: Building Ecosystems to Support OpenFi
The first panel, "Pitching the Builders: How Do Ecosystems Support OpenFi?" highlighted the critical role blockchain ecosystems like Solana, NEAR, and Stellar play in scaling OpenFi applications. With insights from experts Jarrod Barnes (NEAR), Diego Dias (SOLANA Foundation), Tomer (Stellar) and Eric Kang (Ava Labs), this session provided a deep dive into the foundational elements needed to ensure OpenFi’s success — from security to scalability.
2. Panel 2: Legal Frameworks for OpenFi
As OpenFi bridges the gap between DeFi and TradFi, establishing a compliant legal framework is paramount. "Building the Legal Fabric of OpenFi" explored how decentralized finance can coexist with regulatory standards. Panelists like Florian Glatz (EUCI), Karan Aswani (Gnosis), and Abhishek Vaidyanathan (NEAR Foundation) discussed the challenges and opportunities of crafting laws that support self-custody while ensuring security and compliance.
3. Panel 3: The Open Source Future of Finance
In "How Will an Open Source Financial System Shape Up?" leading thinkers in the space, including Sharon Paul (HQ Headquarters) and Nikhil Suri (Wormhole), explored the modular, community-driven future of finance. This discussion highlighted how decentralized, open-source solutions are not just a possibility but the natural evolution of the financial system.
4. Panel 4: Scaling OpenFi to Millions of Users
Scaling is a key challenge for any tech ecosystem, and OpenFi is no exception. The "Scaling to One Million Users and Beyond" panel brought together experts like Jay Kurahashi-Sofue (Eco), Claire (Aztec), and Charles Hammel (Opera) to discuss strategies for achieving global user adoption. Accessibility, usability, and the ability to scale at speed were central themes.
5. Panel 5: Monetizing OpenFi
As OpenFi grows, sustainable revenue models are crucial. "How Do We Make Money Here?" explored various monetization strategies from transaction-based fees to innovative revenue streams unique to decentralized platforms. Thought leaders helped shed light on how OpenFi projects can ensure long-term profitability without compromising user interests.
6. Panel 6: Mapping the LatAm OpenFi Ecosystem
Latin America is emerging as a hub for OpenFi innovation, and the "Mapping the LatAm OpenFi Ecosystem" panel spotlighted the unique opportunities in this region. Featuring speakers João Ferreira (Picnic), Robson Silva (Pods), Claudio Cossio (Meta Pool), Markus Mento (Mento Labs) and Rodrigo Trindade, (Iporanga Ventures) (Moderator) the discussion highlighted how rapid digital adoption and financial inclusion needs are driving innovation in the region.
Keynotes
1. Keynote 1: Introduction to OpenFi: The Ecosystem at a Glance
Julian Leitloff (idOS) provided an overview of the OpenFi ecosystem, highlighting its potential to transform the financial landscape by connecting decentralized finance (DeFi) with mainstream financial applications. He emphasized collaboration and interoperability as core principles for achieving OpenFi’s vision.
2. Keynote 2: Common: DeFi Made Simple
Antoni Zolciak (Aleph Zero) simplified the complex world of DeFi, explaining how OpenFi can bridge the gap for everyday users by offering seamless and accessible financial products, such as self-custodial bank accounts and decentralized saving tools.
3. Keynote 3: Identity is the Missing Piece to Unlocking OpenFi
Julian discussed the crucial role of decentralized identity solutions in unlocking the full potential of OpenFi. He highlighted how identity management can help enhance security, user control, and compliance in decentralized financial systems.
4. Keynote 4: What Crypto Can Learn from Hydraulic Excavators
Brennan Lamey (Kwil) drew parallels between the crypto and construction industries, illustrating how crypto and DeFi can learn from industries like hydraulic excavation. He emphasized the importance of scalable, efficient systems and innovative approaches in building sustainable crypto infrastructure.
5. Keynote 5: An Introduction to PYUSD
Stephen Ptucha (Venmo) introduced PYUSD (PayPal USD), focusing on its role in bridging traditional finance with decentralized finance. He explained how stablecoins like PYUSD are becoming a key component in creating more accessible, stable, and interoperable financial systems.
6. Keynote 6: Onchain Payments: Where Web3 Meets Web0 – Real Life
Daniel Lynch (Metamask) explored the real-life applications of on-chain payments, illustrating how Web3 technologies are already transforming everyday financial transactions. He discussed the challenges and opportunities in integrating decentralized finance with existing payment systems and mainstream adoption.
Looking Toward the Future of OpenFi
OpenFi Bangkok reinforced the importance of collaboration and openness in the global financial ecosystem. With great sessions, inspiring keynotes, and an incredible line-up of speakers and sponsors, the event showcased how DeFi can reshape the future of money and financial systems around the world.
Following OpenFi DevCon Bangkok’s success, we are excited to announce that the momentum continues, with the 3rd edition of OpenFi set to take place at EthCC Cannes 2025.
As PayPal, MetaMask, and 1inch Labs and others demonstrated at OpenFi DevCon, the OpenFi ecosystem is rapidly gaining traction - and collaboration is the key to accelerating this movement. The event in Bangkok was a significant step in realizing a future where open-source finance outpaces traditional, monolithic finance systems. The OpenFi community is united in the mission to build a more interoperable, inclusive, and sustainable financial world.
More links
1. OpenFi 1st edition: OpenFi EthCC Brussels, July 2024
2. OpenFi Ecosystem Map & Thesis
OpenFi is transforming finance with an open-source, modular system that's more efficient than traditional fintech. Get to know the thesis around and the ecosystem map with 150+ companies, including fintech veterans, building in stealth.
