Financial News

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, NY – March 25, 2022 – 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.

 

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 close BitBuy’s acquisition in Q1 2022, bringing in 389,000 registered users to the WonderFi ecosystem.

 

WonderFi has also seen significant growth in its recently launched app, which launched on January 25, 2022. Since then, the company has seen 25,600 unique visits, with the daily signups recording a 255% week-over-week increase in the last week of February.

 

The company’s WonderFi Interactive with the Go Big! Game franchise also brought an additional 200,000+ users on iOS and Android. With this growth in 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 about WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF), click here.

 

Companies Bolster their Investments in Crypto and DeFi

 

Riot Blockchain (NASDAQ:RIOT) produced 436 Bitcoin according to its February production and operation update. The company also made progress on the first phase of the deployment of its 200 MW immersion-cooled bitcoin mining tanks, bringing the company’s total to more than 10,000 S19j Pro Antminers deployed in immersion cooling tanks. Following this progress, the company will monitor its immersion performance data over the next 60 days. Riot Blockchain also continued the expansion of its 400 MW project despite disruption from the severe winter storms in Texas.

 

BIGG Digital Assets Inc. (CSE:BIGG) (OTCQX:BBKCF) acquired 185 parcels of virtual real estate on Decentraland through its portfolio company, TerraZero. The company intends to build a premiere entertainment destination to provide immersive virtual experiences through virtual concerts, film screenings, shopping, cultural, and educational experiences. Following the purchase, Mr. Carl Fravel, a technology executive, Decentraland entrepreneur, and district leader joined BIGG as a strategic advisor to help with the metaverse strategy and execution.

 

Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) made a strategic investment in CryptoTrader.Tax (CoinLedger), shortly after the company announced a partnership between the two companies which introduces free tax tools for Voyager’s customers for the 2021 tax year. The investment from Voyager reinforces the shared vision the companies have in supporting the cryptocurrency ecosystem. Through the investment, Voyager is helping CoinLedger introduce its tax filing capabilities to make it easier for users to track their cryptocurrency taxes.

 

Valour Inc., a wholly-owned subsidiary of DeFi Technologies, Inc. (NEO:DEFI) (OTC:DEFTF) announced that the company had $1,037,000 assets under management, after a week of trading Valour Terra (LUNA) ETP. LUNA was listed on the Nordic Growth Market (NGM) stock exchange on February 28, 2022. The ETP tracks 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 this future. Companies like WonderFi are leading the movement towards making decentralized finance accessible to all.

 

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

 

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of WonderFi Technologies Inc.

 

FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

 

Media Contact:
FN Media Group, LLC
info@financialnews.com
+1(561)325-8757

 

Source: Microsmallcap.com

The post Fintech Company Creates $100M Venture Arm to Invest in Web 3, NFTs, Gaming, and Fintech appeared first on Financial News Media.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback