Fintech Company Creates $100M Venture Arm to Invest in Web 3, NFTs, Gaming, and Fintech
FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, March 25, 2022 /PRNewswire/ -- Decentralized finance is one of the fastest-growing sectors of the crypto ecosystem currently with a total locked value of $74.21 billion according to DeFi Pulse. As this sector expands, we are seeing an increase in adoption and financing. Investors are betting on the future of centralized finance with increasing investment in startups such as Cega, which raised $4.3 million in a seed funding round. Meanwhile, Singaporean DeFi company, Cake DeFi Ventures has set aside a $100M venture arm to support startups in fintech, Web 3, and gaming. These investments in the DeFi space are bound to drive greater adoption of decentralized finance, which will be beneficial for DeFi plays 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 with the mission of creating better access to digital assets through compliant centralized and decentralized 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 consisting of leading DeFi and crypto assets.
On March 24, WonderFi closed the acquisition of Bitbuy Technologies, one of the leading crypto marketplaces in North America serving over 375,000 users, with over $4.4 billion transacted. Last year, Bitbuy was named as Canada's 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-ranking crypto asset trading platform among the Fast 50 winners.
According to Ben Samaroo, CEO of WonderFi, "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."
Bitbuy's acquisition will accelerate WonderFi's product development capabilities and scaling potential by adding more than 80 employees, including engineers and other personnel.
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