SE Asia is en route to becoming a global DeFi hub as greed fuels innovation

The dramatic rise of decentralised finance (DeFi) — the umbrella term used to refer to financial services that work on a public blockchain platform — was one of the most defining traits of Southeast Asia’s tech landscape in 2021.

The year saw play-to-earn monster pet game Axie Infinity become a global hit, allowing its producer, Vietnam-based Sky Mavis, to achieve the rare feat of surpassing $1 billion in valuation in the Series B funding round.

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