Accointing Weekly | April 29

Our weekly crypto newsletter is here! In this issue, you can learn more about the Russian emigres that have turned to crypto, as well as how you can use DeFi to your benefit. Also, if you happen to be looking for a job in the crypto industry, don’t forget to check out our open positions!

Russian emigres turn to crypto

As a result of sanctions, the credit cards of many Russians have been rendered useless elsewhere. Cryptocurrencies have been able to fill some of the void, making it still possible for some Russians to evade inflation of their native currency or get paid by their foreign employers. The latter has been barely possible after Russia was banned from the SWIFT network. The team at ACCOINTING.com managed to speak to Ilya, a Moskovite expat who fled the country at the end of February fearing a possible military draft. He is now receiving his salary in stablecoins, which he is swapping on P2P marketplaces. He has no intention of going back to Russia and thinks the 5% fees he usually pays when swapping his USDT for cash is a fair price for his freedom.

Since the beginning of the invasion of Ukraine, around 300,000 Russians have fled the country, and since 2018, the number has been in the millions. Kremlin’s terrible decision-making has been the needed wind in the back for crypto to go mainstream in some Russian expat crypto circles.

What’s DeFi?

Decentralized Finance (DeFi) is a term used to describe an ecosystem of blockchain-powered financial services that offer an alternative to the corporate (centralized) financial institutions, such as banks and brokerages. The rapid rise of DeFi isn’t too surprising considering the advantages the DeFi economy provides: absolute decentralization, full transparency, unprecedented accessibility combined with zero bureaucracy. Another huge advantage of DeFi is that participation in the space can be extremely lucrative. At the core of DeFi are smart contracts, which eliminate the need for a middleman and enable dApps to function in a truly decentralized manner. 

No trust is required because all blockchain transactions are facilitated by DeFi protocols which guarantee that no transaction can ever be changed or tampered with. The biggest advantage of DeFi over legacy finance is its ability to generate a steady passive income (a.k.a. yield) for crypto investors via staking and liquidity mining.

Learn more about DeFi in our article on liquidity Mining vs. staking rewards!

We’re hiring!

If you’re currently job-hunting or know someone who is, have a look at the link below. Working with us is extremely intellectually stimulating and our teams of crypto investors are always on the lookout for more like-minded people. If none of these open positions piques your interest, send us your resume and we’ll contact you once a position that matches your skillset opens.

Check out the open positions here and read more about the perks we offer for our employees in the career section of our website!

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