Structure to develop a mobile app to drive DeFi adoption
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New York, NY – 13 January 2022 – Global trading platform Structure, which aims to facilitate crypto-based lending and investing for mobile users, has just raised $20 million from investors and a sale deprived of its $STXR digital currency. The company will offer decentralized finance (DeFi) crypto lending outside of traditional banking, as well as investments in tokenized assets, digital versions of assets such as stocks and real estate. Of course, Structure isn’t the only company looking to gain a stake in the nascent but rapidly growing crypto lending space. Although retail investors do not have access to private token sales, there are other opportunities to access the crypto market. Companies like Wellfield Technologies (TSXV: WFLD), digital travel (TSX:VOYG) (OTC:VYGVF), Global Coinbase (NASDAQ:CURRENCY), BIGG Digital Assets Inc. (CSE: BIGG) (OTCQX: BBKCF), and DeFi Technologies Inc. (NEO:DEFI) (OTC:DEFTF) are all looking to expand their market share through innovative projects, strategic investments and partnerships to create integrations.
Newly Listed DeFi R&D Company Wellfield Technologies (TSXV: WFLD) has developed a consumer financial app called MoneyClip which is powered by DeFi, similar to Structure, in Canada. Wellfield is also developing unique smart contracts and protocols on Bitcoin and Ethereum, giving apps like MoneyClip and Structure the technology to completely bypass cryptocurrency exchanges and disrupt banking and financial operations.
Through their Seamless brand, Wellfield is launching a fully decentralized cross-blockchain protocol that allows users to trade any cryptocurrency on any blockchain without using accounts held with crypto exchanges. well field began trading on the Toronto Venture Exchange on November 30 after completing a business combination with Seamless Logic Software Limited and MoneyClip Inc.
The same time, well field closed a concurrent financing for gross proceeds of over C$20 million, which the company intends to use to fund the launch of its smart contracts and decentralized products on the Bitcoin and Ethereum blockchains.
After joining public markets, well fieldThe wholly-owned subsidiary of MoneyClip has launched an intensive engagement program focused on growing its user base and signing up retail partners as it prepares for the introduction of additional features through 2022. The company has now concluded its first period of rigorous testing in partnership with early adopters of the app and will launch an improved user interface and new connectivity features in Q1 2022, to support improved usability, awareness of improved branding and scalability as new blockchain infrastructure is integrated over the next 12 months. MoneyClip is available for download in Canada, for iOS and Android users and currently offers P2P payment functionality.
well field also recently bolstered its advisory board by appointing global payments and fintech leader William Keliehor, who is a senior executive at Canadian payments powerhouse Interac and has over 25 years of experience in more than 30 geographically diverse markets, and global financial leader Tamir Agmon, a professor, researcher and globally recognized in the DeFi industry. They also demonstrated they have the knack for creating cutting-edge technologies after announcing that doctor and theoretical computer scientist Amir Shpilka had been advising their research team since 2018 and had recently joined the advisory board.
well field, which is led by a team of people with experience scaling publicly traded growth companies that drive shareholder value, plans to launch solutions that make bitcoin compatible with DeFi from by 2022. In 2022, the company will also launch decentralized trading protocols on the Ethereum and Bitcoin blockchains, as well as the launch of the MoneyClip app, an easy and secure way for users to trade cryptos, and an all-in-one solution. -in-one for DeFi products on the ETH blockchain.
For more information on Wellfield Technologies (TSXV: WFLD), please visit this link.
Blockchain infrastructure continues to be a priority
Crypto platform Voyager Digital (TSX: VOYG) (OTC: VYGVF) entered the DeFi space in November when the company announced that it would integrate with Avalanche to include AVAX transfers and staking in its brokerage platform. The integration also involves a cross-ecosystem development effort of the Voyager platform and some Avalanche-based DeFi and NFT applications. On Jan. 5, the company announced its preliminary earnings for the second quarter of fiscal 2022, forecasting revenue of approximately $165 million.
Last month crypto exchange platform Coinbase Global (NASDAQ:COIN) released its third quarter 2021 financial results, revealing net income of $406 million and adjusted EBITDA of $618 million. The company ended the third quarter with approximately $6.4 billion in cash and cash equivalents, including $2.0 billion in net proceeds from senior notes issued in September 2021, as well as $92 million in USDC and crypto investments worth $541 million.
BIGG Digital Assets Inc. (CSE: BIGG) (OTCQX: BBKCF), owner of Netcoins and Blockchain Intelligence Group, recently made strategic investments in WonderFi, ZenLedger and LQwD Fintech Corp and added TerraZero to its portfolio of minority investments. The company announced its strategic investment of CAD $100,000 in TerraZero Technologies Inc.’s recent private financing round. TerraZero Technologies’ vision is to grow, acquire and finance companies, entrepreneurs and developers the most promising of the metaverse.
In mid-December, DeFi Technologies Inc. (NEO: DEFI) (OTC: DEFTF) announced that its wholly-owned subsidiary Valor Inc. has received approval to distribute Top 10 Digital Assets and Top 5 DeFi ETPs. The approval, which came from Finansinspektionen the Swedish Financial Supervisory Authority (SFSA), allows Valor Inc. to distribute the ETPs in the Swedish and European markets.
The blockchain and decentralized finance industries continue to innovate through new investments and partnerships, and by bringing experts into management teams and advisory boards.
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