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Highlights
- Wonderfi is a dashboard based on blockchain technology that aims to bring decentralized financial (DeFi) services to the masses.
- Shark tank star Kevin O’Leary backs the Vancouver-based decentralized finance startup.
- Almost all the cryptocurrencies crashed on Wednesday, August 18.
After recently crossing the US$ 2 trillion-mark in terms of market capitalization, almost all the cryptocurrencies crashed on Wednesday, August 18. At the time of writing this, Bitcoin was down by 1.2 per cent and trading at US$ 45,342 per token and Ether was down by about three per cent.
Amid the crypto crash, investors turned their focus towards Canadian startup Wonderfi, formerly known as DeFi Ventures Inc.
Let us explore why 'Wonderfi crypto' became one of the leading trends in Canada and find out more about the Vancouver-based company
What is Wonderfi crypto?
Wonderfi is a dashboard-based on blockchain technology. It aims to bring decentralized financial (DeFi) services to the masses so that an average person can also have a crypto investing experience.
The decentralized finance infrastructure is getting popular as it is the latest trend in the financial world. DeFi enables people to access financial products on a public blockchain network and gives them an option of not going to the traditional financial institutions.
Also Read: Fantom surges by 16%. Can FTM crypto hit $1 in 2021?
In addition, DeFi also removes the need for middlemen for getting access to financial services. The blockchain's software enables a person to interact with lenders, borrowers, buyers, and sellers on a peer-to-peer basis, thus there is no need for middlemen.
Wonderfi might be getting the market's attention as reports suggest that it will be a DeFi platform to list on a stock market and it is also backed by prominent investors like Shark Tank star Kevin O'Leary.
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Bottomline
Although the cryptocurrency industry is known for its high volatility, it seems that digital assets are here to stay for a long period. Apart from crypto mining, the blockchain network has given fan tokens and non-fungible tokens (NFTs) to crypto enthusiasts as more people are accepting the evolving technology.
Also Read: Terra clocks all-time high. Can LUNA crypto hit $100-mark?
A Markets and Markets report notes that the valuation of the global blockchain market is estimated to increase from US$ 3 billion to US$ 39.7 billion by 2025. During this period, the industry is expected to register an impressive CAGR of 67.3 per cent.
