Industry News

TMCNet:  Algorand Foundation Launches $300 Million Fund to Support DeFi Innovation

[September 14, 2021]

Algorand Foundation Launches $300 Million Fund to Support DeFi Innovation

NEW YORK, Sept. 14, 2021 /PRNewswire/ -- 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) (OTCPK:WONDF), DMG Blockchain (TSX-V:DMGI) (OTCQB:DMGGF), Square Inc. (NYSE:SQ), Virtu Financial Inc. (NASDAQ:VIRT), and DeFi Technologies Inc. (NEO:DEFI) (OTCPK: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 stablecoins 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 stablecoins 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 f 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 (TSX-V: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.

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

Cision View original content:https://www.prnewswire.com/news-releases/algorand-foundation-launches-300-million-fund-to-support-defi-innovation-301376159.html

SOURCE Microsmallcap.com


[ Back To The Blockchain Domain's Homepage ]


FEATURED RESOURCE


Social media is impacting the value of your cryptocurrency. This cross-platform audit will show how to improve consumer and influencer sentiment.

CONTACT US