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Introduction to Centralized Finance

In: The Blockchain Scholars Book

Author

Listed:
  • Daniel Liebau

    (ESSEC Business School, Lecturer)

Abstract

In the context of blockchains, we refer to Centralized Finance (CeFi) as the financial systems that integrate distributed ledger technology while retaining centralized intermediaries, governance structures, and/or regulatory oversight. Unlike Decentralized Finance (DeFi), which operates on open and permissionless, peer-to-peer protocols on distributed ledgers, CeFi employs blockchain to enhance efficiency, transparency, or accessibility within traditional, intermediary-based operating models or simply enables cryptocurrency transactions amongst principals and agents. Hence, in CeFi, trusted entities such as banks, exchanges, or government institutions play a pivotal role in facilitating transactions, managing digital assets, and ensuring compliance to protect market participants from rogue actors.

Suggested Citation

  • Daniel Liebau, 2025. "Introduction to Centralized Finance," Springer Books, in: Daniel Liebau & Simon Trimborn (ed.), The Blockchain Scholars Book, chapter 0, pages 35-40, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-2844-8_7
    DOI: 10.1007/978-981-95-2844-8_7
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