“Shark Tank” star and crypto investor Kevin O’Leary said money brokers are locating jobs to shine shoes, as decentralized financial technology will make their roles obsolete.

O’Leary has become a crypto bull who has criticized Bitcoin in the past and is now increasingly interested in decentralized finance, or DeFi, the use of cryptographic generation to create monetary products that don’t want centralized authorities.

The entrepreneur told Insider last week that one of the reasons he liked DeFi was that he was tired of being “scammed” through monetary intermediaries like currency brokers.

Read more: ‘Shark Tank’ star Kevin O’Leary explains why he’s expanding his crypto allowance to 7% and making a heicing investment in DeFi, and why ether possibly wouldn’t be the dominant token in money services.

DeFi’s proponents argue that the generation can revolutionize finance by getting rid of the need for central middlemen and supervisors, as well as the fees they charge.

For example, O’Leary said he believed DeFi would facilitate monetary transactions such as cross-border asset purchases in the future, by allowing parts of the cryptocurrency industry, as solid currencies, rather than having to pay to convert coins.

O’Leary, who made his money in the PC software sector, is making an investment in a company called WonderFi, which is preparing to launch what she says will be an undeniable platform where other people can leverage industry assets and earn interest in DeFi. space.

Decentralized finance also sees its percentage of scams and hackers. Last week, hackers infiltrated the DeFi Poly Network platform and stole more than $600 million, before returning much of the loot.

However, the area is attracting interest from institutional investors and banks. The head of Societe Generale’s blockchain generation unit, Forge, told Insider in May that banks want to adapt or threaten to waste their relevance, speaking after the French lender helped create a $121 million amount. DeFi link.

However, O’Leary said he believed banks would wait for others to expand generation and adapt before taking over DeFi corporations in a “massive consolidation. “