DeFi Fintech News

DeFi Needs to Be More Accessible For Greater Adoption

DeFi Needs to Be More Accessible For Greater Adoption
FN Media Group Presents Market Commentary

Decentralized technologies are about to revolutionize the global financial system and its institutions. Decentralized Finance (DeFi) offers interesting potential to reduce costs and increase the speed of payments by eliminating friction in terms of technology, contracting and coordination between several parties. DeFi delivers on the promise of faster, better, and cheaper payments, but a number of hurdles need to be overcome, including regulatory, business and technical adoption of this nascent infrastructure.

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The sad reality is that most decentralized finance (DeFi) wallets and protocols are complicated to use, especially for newbies. That’s where WonderFi Technologies Inc comes into play. The company’s goal is to make the DeFi world more accessible and improve the user experience. DeFi Technologies , Coinbase Global , Hive Blockchain Technologies, and DMG Blockchain Solutions Inc. are also increasing DeFi functionalities.

WonderFi Technologies Inc is a technology company that provides individuals with access to financial services through DeFi. On January 4, WonderFi announced that it has entered into a definitive agreement to acquire First Ledger Corp., the parent company of Bitbuy Technologies Inc., a leading cryptocurrency platform and the first cryptocurrency market approved in Canada. The acquisition and integration will make WonderFi a leading end-to-end consumer platform for people seeking access to crypto and decentralized finance.

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“The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto. A licensed marketplace serves as a crucial gateway to the digital asset economy, and facilitates a robust end-to-end, unified client experience. The integration of Bitbuy’s product suite will accelerate and expand the reach and scope that WonderFi can offer to the market, and will drive long-term growth and value for the Company,” said WonderFi CEO Ben Samaroo.

In December, WonderFi acquired 100% of the issued and outstanding shares of Mena Software Ltd. (Crypto APIs), a data and wallet provider that serves customers such as Paypal, Ledger, Chainlink and Nexo.

Crypto APIs was founded in 2018 and is one of the leading providers of cryptocurrency and blockchain market data and tools that are used by a wide range of market players including businesses, wallets, stock exchanges and institutional investors. Crypto APIs is a trusted data authority providing secure and scalable data products for the crypto and DeFi industries.

“Data is the backbone of all financial markets, and is more difficult to obtain in the crypto and DeFi sectors due to the fragmentation of market data across different protocols and blockchains. WonderFi’s acquisition of Crypto APIs will help us provide access to high-quality, comprehensive data in order to foster efficiency, transparency and growth in the sector, while directly integrating and supporting WonderFi’s own products,” added Samaroo.

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