Decentralized finance, or DeFi, first took off around 2018, and is regularly hailed as a technology that breaks apart the traditional stack of financial services, and replaces it with a composable, Lego-like alternative. This is a fair description. But it also obscures the fact DeFi actually unifies many elements of finance, says Arjun Sethi, the co-CEO of Kraken and the featured guest on the newest episode of Fortune’s Crypto Playbook vodcast (available on Spotify, Apple, and YouTube). In a wide-ranging discussion on Kraken’s latest tokenization efforts, Sethi made the point that banks have historically sought to ... (full story)