# kaal:claim:3606663-026

**Claim.** Centralized financial technology does not complete the disintermediation it promises, because users still deal with a technology company as intermediary instead of a financial institution, which leaves room for the decentralized solutions DeFi attempts to provide.

**Type.** failure  **Support.** argued

**Holds when.**

- centralized FinTech platforms
- peer to peer transaction settings

**Source quote.**

> In existing centralized forms of financial technology disintermediation users are still dealing with a technology company as intermediary instead of a financial institution.286 Accordingly, centralized financial technology disintermediation is incomplete and allows for further improvements.

**From.** Kaal, *Digital Asset Market Evolution* (2020), (2) Disintermediation Beyond FinTech, page 64

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Failure mode.** incomplete FinTech disintermediation  (family: recentralization-drift)

**Topics.** decentralization, defi, economics

**Keywords.** fintech, disintermediation, defi, intermediaries, transaction-costs

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