Decentralized Finance Space Heats up With Launch of World’s First DeFi ETF

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The decentralized finance (DeFi) space is continuing to heat up, with the world’s first ever exchange traded fund (ETF) launching this month. Hashdex, a Brazilian asset manager, is launching an ETF fund in collaboration with CF Benchmarks to track 12 DeFi tokens. The Hashdex DeFi Index ETF will be listed on the Brazilian stock exchange on February 17, allowing investors to track a basket of projects in the DeFi space. DeFi markets have grown tremendously over the last year to become an $80 billion market in 2021, with more growth expected in 2022. This growth has attracted investors, giving companies in the space a massive opportunity for long-term growth. Among the companies poised to benefit from the growing adoption of digital currencies and DeFi are WonderFi Technologies Inc. (NEO: WNDR) (OTC:WONDF), Marathon Digital Holdings, Inc. (NASDAQ:MARA), Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF), Voyager Digital (TSX:VOYG) (OTCQX:VYGVF), and Hut 8 Mining Corp. (NASDAQ:HUT). 

Leading technology company WonderFi Technologies Inc. (NEO: WNDR) (OTC:WONDF) has continued to grow its stake in the nascent DeFi space. Last month, the company announced the acquisition of Bitbuy Technologies, Canada’s first approved crypto marketplace and is already sharing positive results. On February 2, WonderFi announced that, despite volatility and a decline in the crypto markets, Bitbuy achieved an increase in new monthly deposits and higher marketplace coin volumes.

Bitbuy recorded a 29% increase in trading volumes for Ethereum in January 2022 compared to December 2021. Bitbuy listed an additional seven coins on its platform in December 2021, creating an additional $34 million in new value from these listings, and has plans to list additional crypto coins in Q1 2022. 

This new growth supports WonderFi’s thesis for acquiring Bitbuy, as the exchange model offers diverse revenue streams independent of the performance of the crypto market. According to WonderFi’s CEO, Ben Samaroo, “Platforms like Bitbuy thrive with market volatility”. 

While the broader crypto markets declined in January 2022, Bitbuy continued to experience robust inflows of new capital during the month through the Bitbuy platform, after proudly recording a 58% increase in new user registrations in Q4 2021 versus Q3,” said Michael Arbus, CEO of Bitbuy. 

WonderFi, which is backed by strategic investors such as Alameda Research and FTX’s Sam Bankman-Fried, Shark Tank’s Kevin O’Leary, and Gen-Z influencer and investor Josh Richards, just launched the WonderFi app last week. Through the WonderFi app, users can buy assets, earn interest and gain broad exposure to the $80 billion DeFi market.

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

Crypto Companies Continue to Tap Value from the Growing Crypto and DeFi Markets

Leading bitcoin self-mining company Marathon Digital Holdings, Inc. (NASDAQ:MARA) has appointed Ashu Swami as the Chief Technology Officer. Following his appointment, Swami will be responsible for overseeing and expanding Marathon’s technical operations. He will also be responsible for ensuring that the organization meets rigorous security measures. Swami brings a wealth of experience in technical, regulatory, and market expertise from years of working with companies such as Core Scientific (as the chief product officer) and Apifiny (as the CTO). He has also been involved in blockchain and DeFi projects. 

Technology-driven Payment Service Provider (PSP) Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) is continuing to advance its mission of making traditional finance accessible through digital payment infrastructure and digital asset management technologies. On January 19, the company signed an agreement to provide KEYS Token with its on-ramp services. Under the agreement, Mobilum will provide KEYS with an easy-to-use fiat-to-crypto gateway, giving its users the ability to purchase KEYS Token using Visa, Mastercard, debit and credit cards, powered by Mobilum’s industry leading on-ramp. 

On January 12, Voyager Digital (TSX:VOYG) (OTCQX:VYGVF), which is one of the fastest growing crypto platforms in the US, announced the addition of Tim Mund as Head of US Payment Sales. In the newly created role, Mund will be responsible for the sales and go-to-market strategy for Voyager’s payment solutions. He will also be building the customer pipeline with payment service providers (PSPs) and key merchants to integrate the company’s technology with their payment networks and systems.

Hut 8 Mining Corp. (NASDAQ:HUT), one of North America’s digital assets mining companies, announced plans to acquire the data center business from TeraGo. In the agreement, Hut 8 Mining will acquire five data centers across Canada Once completed, positioning the company as a leader in high-performance computing platforms. The acquisition will also help the company to diversify its profile and revenues. The company will acquire the data center business as well as employees and customers as part of the transaction. 

As the crypto and DeFi markets continue to expand, companies like WonderFi have a massive opportunity to diversify their income and deliver value to customers and investors through innovation in the space.

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Featured Image: DepositPhotos @ urban_light

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