To open a bank account in a developed country, you need government ID, a physical address, a minimum deposit, and a pristine financial history. For 20% of the globe, this is an impossible barrier to entry.
The Smartphone Bank
In Web3, all you need is a $30 Android phone and an internet connection. Generating a wallet address requires no KYC, no credit check, and no minimum balance.
Once a user has a wallet, they instantly have access to the exact same global financial instruments as a Wall Street hedge fund: they can earn yield on decentralized lending protocols like Aave, they can take out collateralized loans, and they can trade assets 24/7.