- Ribbon Finance raised $8.8 million in partnership with Paradigm to build DeFi-native risk products
- Struct Finance raised $3.9 million to develop DeFi structured products
- WonderFi is acquiring Coinberry Limited for $38.6 million
As DeFi continues to gain traction, retail investors are getting more and easier access to the growing market thanks to the millions being raised by DeFi protocols.
Ribbon Finance, a protocol that makes profiting from crypto derivatives easier for investors, raised $8.8 million in a partnership with Paradigm to build new, DeFi-native risk products and double down on the project’s multi-chain approach.
Struct raises almost $4M
At the same time, Struct Finance raised $3.9 million to develop DeFi structured products. They will use these to develop special tools allowing institutions to customize interest rate products easily. It will also be possible to combine them with options to develop structured products personalized to each investor’s needs.
Boosting investor interest in DeFi
With structured products in DeFi, investors of different risk profiles can take part in the DeFi ecosystem, thus increasing investor interest in DeFi. Among the companies benefiting from rising interest in crypto and DeFi are WonderFi Technologies, Bitfarms, Bit Digital Inc., HIVE Blockchain Technologies, and Coinbase.
WonderFi acquires Coinberry for $39M
WonderFi Technologies, a leading technology company aiming to alleviate access to digital assets through compliant centralized and decentralized platforms, today announced it had signed an agreement for the acquisition of Coinberry Limited. The deal is worth around $38.6 million.
Coinberry is one of the main crypto trading platforms in Canada. It was founded in 2017 and offers just over two dozen of the top cryptocurrency trading pairs and services to its 220,000 users and counting.
WonderFi CEO Ben Samaroo commented:
This acquisition further establishes WonderFi as a leader amongst crypto companies in Canada, and along with our acquisition of Bitbuy, establishes a great framework for our expansion into global markets in 2022. As we continue our consolidation of leading licensed crypto platforms, our user count, revenue and pool of talent continues to grow.
Kevin O’Leary, strategic investor in WonderFi, added:
WonderFi’s management team continues to execute on accretive acquisitions and this is an extremely important one, because it shows the speed and vision behind WonderFi’s plan. Compliant access to crypto is what matters and WonderFi has quickly established itself as a leader in Canada. Next stop, global.
The parties expect to finalize the acquisition in the second quarter of 2022.
