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Blockchain technology is becoming increasingly popular and thanks to a $1 billion growth fund being launched by the world’s largest crypto exchange, it’s about to get a lot bigger. Binance just announced the launch of a billion-dollar fund in support of the Binance Smart Chain blockchain to accelerate the adoption of digital assets and blockchain technology. At the same time, the total locked value in DeFi surpassed $200 billion, marking an impressive 855% increase since January 1, 2021, and revealing the market’s growing appetite for blockchain, crypto, and decentralized finance (DeFi). As the popularity of blockchain increases, innovative companies like WonderFi Technologies Inc., Bitfarms, Bit Digital, Mobilum Technologies Inc. and DMG Blockchain are taking steps to position themselves as market leaders in the expanding blockchain and crypto space.
Users of the WonderFi App can now gain exposure to digital asset indexes thanks to a partnership between WonderFi Technologies Inc. and DeFi Pulse, a major stakeholder in Index Cooperative, a decentralized autonomous organization (DAO) that develops crypto and DeFi products, including the industry-leading DeFi Pulse Index. The index, which consists of top DeFi assets available on Ethereum, allows users to buy a single ERC-20 token that provides exposure to all ten assets.
“The DeFi Pulse Index is an excellent way to gain exposure to the DeFi market and is analogous to index products in the traditional capital markets,” said Ben Samaroo, CEO of WonderFi.
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WonderFi is also collaborating with Circle Internet Financial to offer customers the world’s fastest-growing stablecoin, USDC through the WonderFi App. With more than US$31.2B in circulation and $1.1 trillion transferred on-chain to date, USDC is a fast-growing digital currency, with WonderFi having adopted USDCs as a treasury management tool to optimize yield on unused working capital and cash reserves.
In a comment, Kevin O’Leary said, “Stablecoins like USDC are a key part of the growth of this industry, and it’s great to see industry leaders like Circle and WonderFi striving to provide better access.”
“There is a substantial global demand for USDC as it continues to be regarded as the most trusted and well-regulated stablecoin, and it is a great first point of entry for users that are new to crypto and DeFi across the world,” said Samaroo.
Companies Expand Operations as Blockchain Adoption Increases
Last week, Mobilum Technologies Inc. launched its crypto-to-fiat off-ramp product via gift cards, debit and credit cards. The company also announced that its wholly-owned subsidiary XPort Digital Limited signed an MOU with PhyloPay to integrate XPort’s fiat-to-crypto to support PhyloPay’s back-office solution. The announcement came days after Mobilum completed the integration of its hosted fiat-to-crypto on-ramp and beta off-ramp solution with the Polygon ecosystem to allow Polygon users to purchase cryptocurrencies without setting up a crypto exchange account. Mobilum also announced the launch of its proprietary high-frequency crypto trading engine and hired Piotr Majka as Chief Trading Officer to head the beta test launch.
Bitfarms signed EPC contracts and began the construction of a new production facility in Argentina. The new facility is expected to generate an additional 210 MW. The new facility will expect global mining production at a lower price, as the company expects to contract the infrastructure in 2022 at a rate of US 2.2 cents per kilowatt-hour. The new facility can accommodate more than 55,000 miners adding about 21,500 miners to Bitfarms’ online miners.
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Bit Digital announced agreements with Bitmain Technologies to buy 10,000 Antminers, which will increase its hash rate by more than 1.0 Exahash. The agreement comes shortly after Bit Digital announced the closing of the previously announced private placement with institutional investors, which generated approximately $80 million in gross proceeds.
DMG Blockchain Solutions Inc. became the first company to join MaraPool. MaraPool is a US-based bitcoin mining pool created by Marathon Digital to provide members with industry-leading transparency and access to exclusive services from NYDIG. MaraPool is also focused on reducing the impact of Bitcoin mining on the environment and is fully audited by a third-party firm.
Companies like Kevin O’Leary-backed WonderFi Technologies are providing solutions to support the growing blockchain, crypto, and decentralized finance markets as they become mainstream.
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