Algorand Launches $300 Million Fund to Support DeFi Innovation

DeFi

Blockchain platform Algorand has created a $300 million fund in the form of ALGO tokens to encourage the growth of the DeFi ecosystem on Algorand platform. This marks a growing trend in the DeFi sector as other platforms seek to compete with Ethereum blockchain, on which most DeFi projects have been based. The fund from Algorand will fuel the growth of decentralized exchanges, synthetic asset applications, NFT platforms, money markets, and options markets running on blockchain networks. Meanwhile, other companies are tapping into the short- and long-term potential of DeFi with various initiatives. Some of these companies include WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF), DMG Blockchain (TSX-V:DMGI) (OTCQB:DMGGF), Square Inc. (NYSE:SQ), Virtu Financial Inc. (NASDAQ:VIRT), and DeFi Technologies Inc. (NEO:DEFI) (OTC:DEFTF). 

Kevin O’Leary backed WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF) has received approval from its board of directors to acquire an additional CAD 6.8 million in crypto and DeFi assets. The acquisition will support WonderFi’s mission to provide better access to DeFi simply and securely. 

These assets will be added to the company’s digital asset treasury, which the company intends to generate yield on through staking and other DeFi mechanisms.

One of these mechanisms is the use of stable coins USDC and DAI for treasury management, for which WonderFi’s board has given its approval. The use of stable coins for treasury management is a growing trend for institutions, which are investing in digital assets to help companies tap into DeFi and DeFi opportunities. 

WonderFi intends to use stable coins in its corporate treasury to optimize its balance sheet through yield generation while maintaining price stability with the US dollar. Left in a traditional savings account, WonderFi’s cash would generate an average of 0.25%.

The company’s mission of bringing DeFi to the masses was also advanced on August 31, when the company announced it had begun trading on the NEO exchange under the ticker “WNDR”. The launch on the exchange gives WonderFi further access to institutional capital to fund growth. Investors will now be looking to learn more about future developments for the company as progress accelerates.

WonderFi investor and inspiration for the company’s name, Kevin O’Leary “Mr Wonderful”, commented, “Today’s launch marks the culmination of hard work, smart ideas, and a great team. WonderFi is focused on being the number one company in the DeFi space and this is a major milestone for them.” 

For more information about WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF), click here

These Companies are Tapping into the Future of Finance with DeFi 

DeFi Technologies Inc. (NEO:DEF) (OTC:DEFTF) announced that its wholly-owned subsidiary, Valour Inc. has seen an increase of more than 1400% in its AUM since the beginning of the year. The company’s assets under management have surpassed US$208 million. The company’s AUM increased by nearly US$70 million in less than a month and doubled in two months. Valour’s AUM is also expected to grow over the coming months as the company anticipates German listings in September and an aggressive global marketing plan underway. Valour Inc. has also hired Frances Edwards as the COO as the company prepares to expand through the European market.

DMG Blockchain (TSXV:DMGI) (OTCQB:DMGGF) becomes the first Canadian bitcoin mining company to join MaraPool, a mining pool designed by Marathon Digital Holdings Inc. (NASDAQ:MARA). MaraPool is a bitcoin mining pool designed to reduce the impact of bitcoin mining on the environment through carbon-neutral mining. The mining pool is fully audited by third-party firms in the US to provide members with industry-leading transparency, an intuitive reporting system, and access to services from NYDIG. DMG will begin pointing its hash rate towards the MaraPool beginning September 13, 2021. 

Payment company Square, Inc. (NYSE:SQ) has plans to launch a decentralized finance platform using bitcoin. According to a tweet by Square’s CEO, Jack Dorsey, the company is focusing on developing an open developer project that will make it easier to create non-custodial, permissionless, and decentralized financial services. Dorsey recently discussed Square’s direction in developing the decentralized exchange platform for bitcoin, TBD, noting that the company is seeking to build a platform that will be distributed around the world. 

Financial services provider Virtu Financial Inc. (NASDAQ:VIRT) is contributing to the recently launched Pyth Network. Pyth Network is a Solana-based decentralized data oracle that seeks to connect market data from contributing trading platforms and exchanges to any smart contracts in the Solana blockchain. The network plans to integrate the Wormhole interoperability protocol to support other blockchains including Ethereum, Binance Smart Chain (BSC), and Terra.

DeFi innovations continue to be introduced into the market, expanding this sector and promising even greater growth potential. As this happens, companies like WonderFi Technologies Inc. stand to benefit from the widespread adoption of decentralized finance.

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Featured Image: Megapixl © Disobeyartphotography 


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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding WonderFi Technologies Inc’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to WonderFi Technologies Inc’s industry; (b) market opportunity; (c) WonderFi Technologies Inc.’s business plans and strategies; (d) services that WonderFi Technologies Inc. intends to offer; (e) WonderFi Technologies Inc’s milestone projections and targets; (f) WonderFi Technologies Inc’s expectations regarding receipt of approval for regulatory applications; (g) WonderFi Technologies Inc’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) WonderFi Technologies Inc’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute WonderFi Technologies Inc’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) WonderFi Technologies Inc’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) WonderFi Technologies Inc’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) WonderFi Technologies Inc’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of WonderFi Technologies Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) WonderFi Technologies Inc’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact WonderFi Technologies Inc’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing WonderFi Technologies Inc’s business operations (e) WonderFi Technologies Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, WonderFi Technologies Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does WonderFi Technologies Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither WonderFi Technologies Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of WonderFi Technologies Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of WonderFi Technologies Inc. or such entities and are not necessarily indicative of future performance of WonderFi Technologies Inc. or such entities.