TradFi is made up of retail, commercial and investment banks as well as fintechs (technological companies engaged in financial services).
For example, Goldman Sachs and JP Morgan as banks, and SoFi, Square and PayPal as fintech companies.
They are centralized , regulated by a range of government regulators, and adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
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