Crypto or cryptocurrency, is a type of digital or virtual currency that uses cryptography for security and is decentralised. Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers called blockchain.
DeFi, short for decentralised finance, is a broader concept that encompasses a wide range of financial applications built on blockchain technology. These applications can include lending, borrowing, insurance, trading, payment services, and more. DeFi applications can be built on various blockchain platforms and can include the use of various types of digital assets, including cryptocurrencies.