Is it possible to create social and environmental impact by utilizing blockchain technologies? ReFi, whose acronym is translated into Turkish as Restorative Finance, is looking for an answer to exactly this question. Since it is a very new concept, although there are no concrete gains about its awareness and influence, there are organizations that think about this issue and invest.
As a matter of fact, it is known that Akbank has been working in the field of ReFi since last year. Collaborating with the blockchain network Avalanche, where Emin Gün Sirer is the CEO, the bank organized a hackathon in October 2022, and projects were developed in the field of ReFi with the participation of 11 blockchain clubs and students from 23 universities.
According to the press release from the bank, Akbank participated in the Avalanche Summit II held in Barcelona last week. Burcu Küçükünal, Head of Akbank Digital Design and Innovation, who took the floor at the “Adaptation of Institutions from Web2 to Web3” panel, said, “As Akbank LAB Innovation Center, we follow innovative ideas, new generation trends and technologies very closely. Web3 is one of the areas we are most excited about. As Akbank, we believe in the power of innovation for a sustainable future and in this direction, we undertake innovations that add value to both our customers and our world.”
Reminding that Akbank has been investing in blockchain-based technologies in finance for many years, Küçükünal said, “At this point, our priority is to bring the advantages of these technologies to the ecosystem in the safest way and at the right time. Therefore, we make a significant effort by supporting the ecosystem with proof-of-concept projects so that the innovations created can overcome the difficulties they face in the process of dissemination.”
“Web3 community needs banks”
Talking about the Akbank ReFi Hackathon they organized last year, Küçükunal says, “We took a journey and brought blockchain developers with us to concrete projects in the field of restorative finance,” and adds: “At this point, the Web3 community is in a critical position in terms of both social impact and financial services. thinks it is; On the other hand, we see that this community needs banks, namely financial systems, in order to develop, become widespread and make more successful scalable projects. We aim to produce joint projects by including interoperability in our business development processes.”
Stating that they have implemented innovative works on a global scale in order to ensure the flexibility, speed and trust that technology can offer to human life, Küçükunal said, “In this context, we are proud to be the sponsor of Avalanche Summit II, to share our work that will set an example not only for the finance sector but also for the entire business world and to introduce new technologies. We are happy to be the first project partner that comes to mind for developers producing.”
More than 300 speakers from all over the world participated in more than 125 different sessions at the Avalanche Summit II event, which was held for the second time this year. The event, which has more than 4,000 participants, hosts the new generation technologies in the focus of Web3.
What is Restorative Finance (ReFi)?
A new financial system to solve environmental and social problems by using Web3 technologies. It is the practice of prioritizing the balanced, predictable, healthy and sustainable systems and universal principles of nature that have not been touched by humans, and prioritizing these systems in a new economic design. With Restorative Finance applications, it is aimed not only to reduce carbon emissions, but also to “repair” the damage done to the planet so far through blockchain technologies.
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