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NEW YORK, March 25, 2022 /PRNewswire/ — Decentralized finance is one of the fastest growing sectors in the crypto ecosystem currently with a total value locked of $74.21 billion according to DeFi Pulse. As this industry grows, we are seeing an increase in adoption and funding. Investors are betting on the future of centralized finance by increasingly investing in startups like Cega, which raised $4.3 million in a seed funding round. Meanwhile, Singaporean DeFi firm, Cake DeFi Ventures has set aside a $100 million risk arm to support fintech, Web 3 and gaming startups. These investments in the DeFi space are sure to drive greater adoption of decentralized finance, which will benefit DeFi games like WonderFi Technologies Inc. (NEO:WNDR) (OTCPK:WONDF), Riot Blockchain (NASDAQ: RIOT), BIGG Digital Assets Inc. (CSE: BIGG) (OTCQX: BBKCF), Voyager Digital Ltd. (TSX:VOYG) (OTCQX:VYGVF), and DeFi Technologies, Inc. (NEO:DEFI) (OTCPK:DEFTF).
WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF) is a leading technology company whose mission is to create greater access to digital assets through centralized and decentralized compliant platforms. The company’s multi-pronged business strategy includes a high-growth consumer finance app, which will serve as a trusted gateway to the new financial system, and a digital asset portfolio comprised of leading DeFi and crypto assets.
At March 24, WonderFi completed the acquisition of Bitbuy Technologies, one of the leading crypto markets in North America serving more than 375,000 users, with over $4.4 billion compromised. Last year Bitbuy was appointed like from Canada first approved crypto marketplace and was ranked #9 in the Deloitte Technology Fast 50 after experiencing a 3.379% increase in revenue between 2017 and 2020, making it the highest ranked crypto asset trading platform among Fast 50 winners.
According to Ben SamarooCEO of WonderFi, “The integration of WonderFi and Bitbuy is a huge step forward in our mission to democratize finance through easy and secure access to DeFi and crypto. A licensed marketplace serves as a crucial gateway to the economy digital assets and facilitates a robust end-to-end unified customer experience.”
Bitbuy Acquisition Will Accelerate WonderFiproduct development capabilities and scalability potential by adding more than 80 employees, including engineers and other personnel.
Earlier this month, WonderFi reported a rapid increase in users on its ecosystem following the acquisitions of BitBuy and Sun Machine. The company expects to complete the acquisition of BitBuy in the first quarter of 2022, attracting 389,000 registered users to the WonderFi ecosystem.
WonderFi also saw significant growth in its recently launched app, which launched on January 25, 2022. Since then, the company has recorded 25,600 unique visits, with daily signups seeing a 255% increase week over week in the last week of February.
The company’s WonderFi Interactive with the Go Big! The game franchise has also brought over 200,000 additional users to iOS and Android. With this growth in the number of users on the WonderFi ecosystem, the company expects its users to be more valuable as it introduces more features and products. Currently, the estimated lifetime value of each user on a platform like BitBuy is $800.
For more information on WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF), Click here.
Companies are stepping up their investments in crypto and DeFi
Riot Blockchain (NASDAQ:RIOT) product 436 Bitcoin according to its February production and operating update. The company also made progress in the first phase of the deployment of its 200 MW immersion-cooled bitcoin mining tanks, bringing the company’s total to over 10,000 S19j Pro Antminers deployed in immersion-cooled tanks. Following this progress, the company will monitor its immersion performance data over the next 60 days. Riot Blockchain also continued to expand its 400MW project despite disruption from severe winter storms in Texas.
BIGG Digital Assets Inc. (CSE: BIGG) (OTCQX: BBKCF) acquired 185 virtual real estate plots on Decentraland through its holding company, TerraZero. The company intends to create a premier entertainment destination to deliver immersive virtual experiences through virtual concerts, film screenings, shopping, cultural and educational experiences. Following the purchase, Mr. Carl Fravela technology executive, Decentraland entrepreneur and district manager joined BIG as a strategic advisor to help with metaverse strategy and execution.
Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) do one strategic investment in CryptoTrader.Tax (CoinLedger), shortly after the company announced a partnership between the two companies that introduces free tax tools for of the Traveler customers for the 2021 tax year. The investment of Traveler reinforces the shared vision companies have in supporting the cryptocurrency ecosystem. Thanks to the investment, Traveler is helping CoinLedger introduce its tax reporting capabilities to make it easier for users to track their cryptocurrency taxes.
Valor Inc., a wholly owned subsidiary of DeFi Technologies, Inc. (NEO: DEFI) (OTC: DEFTF) announcement that the company had $1,037,000 assets under management, after one week of trading Valor Terra (LUNA) ETP. LUNA was listed on the Nordic Growth Market (NGM) on February 28, 2022. ETP follows LUNA, the native token of the Terra protocol – a rapidly expanding network of DApps with a market capitalization of US$36.1 billion.
Decentralized finance has been described as the future of finance, and companies and investors are betting on that future. Companies like WonderFi are leading the movement to make decentralized finance accessible to all.
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