Decentralized technologies are about to revolutionize the global financial system and its institutions. Decentralized Finance (DeFi) offers interesting potential to reduce costs and increase the speed of payments by eliminating friction in terms of technology, contracting and coordination between several parties. DeFi delivers on the promise of faster, better, and cheaper payments, but a number of hurdles need to be overcome, including regulatory, business and technical adoption of this nascent infrastructure. The sad reality is that most decentralized finance (DeFi) wallets and protocols are complicated to use, especially for newbies. That’s where WonderFi Technologies Inc (NEO: WNDR) (OTC:WONDF) comes into play. The company’s goal is to make the DeFi world more accessible and improve the user experience. DeFi Technologies (TSX:DEFI) (OTC:DEFTF), Coinbase Global (NASDAQ:COIN), Hive Blockchain Technologies (TSX:HIVE) (NASDAQ:HIVE), and DMG Blockchain Solutions Inc. (TSXV:DMGI) (OTCQB:DMGGF) are also increasing DeFi functionalities.
WonderFi Technologies Inc (NEO: WNDR)(OTC:WONDF) is a technology company that provides individuals with access to financial services through DeFi. On January 4, WonderFi announced that it has entered into a definitive agreement to acquire First Ledger Corp., the parent company of Bitbuy Technologies Inc., a leading cryptocurrency platform and the first cryptocurrency market approved in Canada. The acquisition and integration will make WonderFi a leading end-to-end consumer platform for people seeking access to crypto and decentralized finance.
“The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto. A licensed marketplace serves as a crucial gateway to the digital asset economy, and facilitates a robust end-to-end, unified client experience. The integration of Bitbuy’s product suite will accelerate and expand the reach and scope that WonderFi can offer to the market, and will drive long-term growth and value for the Company,” said WonderFi CEO Ben Samaroo.
In December, WonderFi acquired 100% of the issued and outstanding shares of Mena Software Ltd. (Crypto APIs), a data and wallet provider that serves customers such as Paypal, Ledger, Chainlink and Nexo.
Crypto APIs was founded in 2018 and is one of the leading providers of cryptocurrency and blockchain market data and tools that are used by a wide range of market players including businesses, wallets, stock exchanges and institutional investors. Crypto APIs is a trusted data authority providing secure and scalable data products for the crypto and DeFi industries.
“Data is the backbone of all financial markets, and is more difficult to obtain in the crypto and DeFi sectors due to the fragmentation of market data across different protocols and blockchains. WonderFi’s acquisition of Crypto APIs will help us provide access to high-quality, comprehensive data in order to foster efficiency, transparency and growth in the sector, while directly integrating and supporting WonderFi’s own products,” added Samaroo.
For more information about WonderFi Technologies (NEO: WNDR) (OTC:WONDF), click here.
Strong Activity for Tech And Blockchain Companies
DeFi Technologies (TSX:DEFI) (OTC:DEFTF), a technology company bridging the gap between traditional capital markets and decentralized finance, has entered into a business agreement to establish a preferred partnership relationship with SEBA Bank AG. SEBA is a fully integrated, FINMA-licensed digital asset banking platform providing a transparent, secure and easy-to-use bridge between digital and traditional assets. This industry-leading deal is unprecedented in the growing crypto ecosystem and will give DeFi Technologies, along with its wholly-owned subsidiary Valour Inc, another competitive advantage in this nascent space. In December, Valour, a digital asset ETP issuer, received the authorization to distribute its top 10 digital assets and top 5 DeFi ETPs.
Coinbase Global (NASDAQ:COIN), the largest cryptocurrency exchange in the United States, will launch a decentralized finance (DeFi) platform called Lend, which allows users to earn returns on stablecoins and access staking features or borrowing on the platform, despite threats from US Securities and Exchange (SEC). Coinbase will use the DeFi Compound Finance (COMP) protocol and its rates to generate returns for its Lend users. Coinbase says it will push DeFi to the masses by making it easier to access DeFi protocols and features through its user-friendly interface. In announcing the launch of Lend, Coinbase said that “Decentralized Finance (DeFi) is becoming one of the most popular use cases for blockchain technology,” and that thanks to Lend, Coinbase is making “DeFi more customer friendly and accessible.
Hive Blockchain (TSX:HIVE) (NASDAQ:HIVE), a crypto mining company with facilities in Sweden, Iceland and Canada has agreed to make an investment of C$450,000 in Network Entertainment, Inc., an award-winning multimedia production company, to gain exposure to Network’s emerging non-fungible token (NFT) business. Like cryptos in general, NFTs are a booming new market, recording $2.5 billion in transactions in the first half of 2021, down from just $13.7 million a year earlier. Numerous celebrities and content creators have taken part in the space. Hive is keen to explore the NFT space, and it sees great potential in what Network Entertainment has planned for its intellectual property (IP).
DMG Blockchain Solutions Inc. (TSX:DMGI) (OTCQB:DMGGF), a vertically integrated blockchain technology and cryptocurrency company respectful of the environment, announced in December the appointment of John M. Place as a new member of the Board of Directors. Mr. Place is a seasoned leader in business, law and compliance with an international track record of success in the public and private sectors. Additionally, DMG announced that General Manager Sheldon Bennett will be a virtual participant in the B. Riley Crypto Conference, which will be held live at the Kimpton Hotel Eventi in New York City on December 8, 2021.
WonderFi Technologies is committed to providing fair and equal access to DeFi and lowering barriers to entry for all. With the WonderFi app, anyone with a mobile phone can access DeFi, regardless of their background or industry experience.
Featured Image: DepositPhotos @ monsit
