Total Value Locked in DeFi Crosses $80bln, 10x Predicted From Here
Decentralized Finance (DeFi) swept the globe by storm in 2020, with a 14x increase that year. DeFi is already a billion-dollar business worth $81.85 billion, and analysts predict much greater growth in the next year.
Matthew Roszak, a seasoned crypto investor, thinks that the DeFi sector would expand tenfold to become an $800 billion business as a result of greater mainstream crypto acceptance, the worldwide drive for yield, and rising inflation.
The rapidly expanding market is still in its early stages, giving early movers an advantage, such as WonderFi Technologies Inc. (NEO:WNDR), Riot Blockchain (NASDAQ:RIOT), Voyager Digital (CSE:VYGR) (OTCQX:VYGVF), Coinbase Global (NASDAQ:COIN), and DeFi Technologies (NEO:DEFI) (OTC:DEFTF), which are all placed to capitalize from the DeFi sector’s rapid rise.
WonderFi Technologies Inc. (NEO:WNDR) is committed to delivering DeFi to the people by easing user engagement with decentralized finance and eliminating obstacles that are impeding DeFi’s widespread adoption.
Ben Samaroo, Cong Ly, and Kartik Bajaj, whose prior cryptocurrency focused firm First Coin Capital was acquired by Galaxy Digital three years back in conjunction with its public listing on the TSXV, and Dean Sutton, Co-Founder of LQwD Financial Corp. and a founding advisor to Argo Blockchain, co-founded the company.
WonderFi Technologies Inc. secured about $17.7 million in a fundraising round headed by Canaccord Genuity and PI Financial Corp., with participation from other major institutional and strategic investors, in June. The company’s name was also changed in response to strategic investor Kevin O’Leary’s moniker, Mr Wonderful.
WonderFi Technologies has received funding from Argo Blockchain, BIGG Digital, MindMed co-founder Leonard Latchman, social media personality Josh Richards, and cryptocurrency millionaire and FTX founder Sam Bankman-Fried, in addition to erstwhile crypto skeptic O’Leary.
“We’ve now attracted in a very significant name in crypto… a crypto legend who founded FTX, one of the world’s biggest crypto exchanges and also one of the most technologically sophisticated. We are extremely pleased that he is now an investor, and it is a highly calculated decision by us” In an interview, WonderFi CEO Ben Samaroo stated.