The Decentralized Finance (DeFi) market made a massive rebound in October after a month-long lull, with total value locked (TVL) across leading protocols soaring to an all-time high of $236 billion. It seems that bullish sentiment is running high across the crypto market, with Bitcoin surging to an all-time high of $67,000 on October 21. At the same time, several DeFi coins and smart contract tokens are experiencing significant gains, creating an exciting opportunity for companies like WonderFi Technologies (NEO:WNDR) (OTC:WONDF), DeFi Technologies Inc. (NEO:DEFI) (OTC:DEFTF), Voyager Digital (TSX:VYGR) (OTCQX:VYGVF), Coinbase Global (NASDAQ:COIN), and HIVE Blockchain Technologies Ltd.(NASDAQ:HIVE) (TSXV:HIVE).
WonderFi Technologies (NEO:WNDR) (OTC:WONDF) has continued to solidify its position in the growing decentralized finance sector over the last couple of months. On November 1, the company announced its plans to purchase up to C$10 million in crypto and DeFi assets, targeting key assets that will provide long-term value.
WonderFi also just closed an upsized bought deal for roughly C$26.4 million, which the company intends to allocate to its product development roadmap and distribution of its products to a global audience, with a portion being allocated to growth of the Company’s digital asset portfolio.
Two weeks prior, WonderFi announced a partnership with DeFi Pulse Inc, a company that designs indexes for decentralized finance, to offer digital asset indexes through the WonderFi App. The DeFi Pulse Index includes the top DeFi assets available on Ethereum with significant usage and a commitment to ongoing maintenance and development.
Ben Samaroo, CEO of WonderFi commented, “Partnering with DeFi Pulse to offer this index through WonderFi aligns us with the leading index provider in the sector, and creates an opportunity for us to bring new index products to market with DeFi Pulse and Index Coop as the market matures”.
In addition, WonderFi Technologies is collaborating with Circle Internet Financial to offer Circle’s USD Coin (USDC) through the WonderFi app. The offer will help expand access to the world’s fastest-growing and dollar digital currency, which has over $31.2 billion in circulation and $1.1 trillion transferred on-chain to date. WonderFi said it intends to use USDC in its treasury management to optimize yield on unused working capital and cash reserves.
