Ethereum set a new record high last week, pushing past $4600 and clocking in a 530% increase since the beginning of 2021. One of the factors pushing the second-largest cryptocurrency to new heights is the rising popularity of Decentralized Finance (DeFi) and non-fungible tokens (NFT) projects. Goldman Sachs global markets managing director Bernhard Rzymelka sees Ethereum climbing as high as $8,000 in the next two months. At the same time, Solana's SOL token has climbed by over 15,000% in 2021, creating an exciting opportunity for crypto and DeFi 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), a technology company backed by Sam Bankman-Fried that provides better access to DeFi, has continued to expand its portfolio of leading crypto and DeFi assets. On November 8, the company announced its investment in the Solana ecosystem, which is backed by Sam Bankman-Fried and FTX, and includes holdings of Solana and Serum as the two largest weighted assets. Participating in the Solana ecosystem will allow WonderFi to compete with blockchain's such as Ethereum, which hosts the majority of DeFi transactions today. WonderFi also invested alongside Ontario Teachers' Pension Plan Board, Temasek, Sequoia Capital and other major investors in the US$420M Series B-1 round of FTX, the global cryptocurrency company founded by Sam Bankman-Fried.
Last week, WonderFi Technologies also announced that it has established and deployed additional proof of stake validator nodes on the Ethereum network, meaning the company now operates a total of 10 Ethereum nodes. Currently staking ETH through a validator node yields approximately 6% APY on the staked assets.
These validator nodes are critical in securing the blockchain network and validating transactions, with validators earning rewards for ordering transactions and creating new blocks. Adding validator nodes grows WonderFi's infrastructure and opens additional opportunities for the company to explore.
These recent investments are just the beginning, as WonderFi's board has approved the company's plan to purchase up to C$10 million in digital assets to expand its exciting balance of long-term holdings. The approval follows a recently-completed bought deal financing of about C$26 million, a majority of which was allocated to the company's product development and distribution. The company also allocated a portion of the proceeds to grow its digital assets portfolio.
Digital and DeFi assets are a central part of WonderFi investment strategy. WonderFi stakes its digital assets to earn yields from the investment using different strategies available in the DeFi ecosystem.
For more information about WonderFi Technologies (NEO:WNDR)(OTC:WONDF) click here.
Crypto Price Gains Create Spike in Market Activity
DeFi Technologies Inc., (NEO:DEFI) (OTC:DEFTF) joined the Pyth network to deliver its real-time crypto pricing data. By joining the Pyth network, DeFi will gain access to comprehensive high-fidelity financial services data to build smarter smart contracts. Users of Pyth network will also have access to DeFi's market data. Meanwhile, DeFi's subsidiary Valor Inc. reported US$300 million in assets under management as of November 1, marking a $50+ million increase in two weeks. The company expects to increase its AUM following the recent launch of the Uniswap ETP.
Voyager Digital (TSX:VYGR) (OTCQX:VYGVF) announced that it will be integrating with Avalanche to include the transfer and staking of AVAX into Voyager's brokerage platform. The expansion with Avalanche will also support the cross-ecosystem development of Voyager's platform and some of Avalanche's DeFi and NFT applications. With this expansion, Voyager's customers have more wealth-building opportunities by staking or transferring AVAX, and access to NFT, DeFi applications, and tools on the Avalanche public blockchain.
Coinbase Global (NASDAQ:COIN) announced that it is upsizing its previously announced debt offering to $2 billion due to market interest. The company intends to use the proceeds for general corporate purposes including investing in product development and exploring merger and acquisition opportunities in other companies, products, and technologies. The company is also scheduled to release its financial results for Q3 2021 on November 9, 2021, and a shareholder's letter.
Meanwhile, HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSXV:HIVE) has agreed to invest C$450,000 in Network Entertainment Inc.'s NFT business. HIVE, a clean energy bitcoin mining company with facilities in Iceland, Sweden, and Canada intends to explore the NFT space starting with this investment in Network. The company sees potential in Network's plans with its rich IP portfolio. HIVE's CEO sees this investment as a win-win for both companies, given HIVE's involvement in mining ether, and the potential for growth and higher demand ether is likely to experience.
Gains in Ethereum are creating massive growth opportunities for companies including WonderFi, which acquires and stakes different digital assets.
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