Appetite for Crypto Sector Still Going Strong as Valuations Rise

Cryptocurrency exchange FTX saw its valuation soar to $32 billion in a new funding round announced on January 31, underscoring continued appetite for the sector. The Bahamas-based company raised $400 million in a Series C funding round – its third round in the past nine months for a total of $2 billion in venture capital to date. Of course, this is just one of many financing rounds sending serious cash into the crypto sector. In 2021, funding for blockchain startups increased 8-fold at $25.2 billion and isn’t expected to slow in 2022, creating a positive outlook for companies in the space such as WonderFi Technologies Inc. (NEO:WNDR) (OTCPK:WONDF), Marathon Digital Holdings, Inc. (NASDAQ:MARA), Hut 8 Mining Corp. (NASDAQ:HUT), Hive Blockchain Technologies Ltd. (TSX:HIVE) (NASDAQ:HIVE), and Voyager Digital Ltd. (TSX:VOYG).

Leading technology company WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF) is continuing to make progress in its mission to create greater access to DeFi through strategic deals. In January, the company announced the acquisition of Bitbuy Technologies, Canada’s first approved crypto marketplace, and it’s already proving to be a worthy investment. Bitbuy is a trusted execution platform that serves more than 389,000 users, with over $4.6 billion transacted through the platform.

On February 2, WonderFi announced that Bitbuy Technologies achieved an increase in monthly new deposits and marketplace coin volumes despite the volatility and declines in crypto markets in December and January. This increase supports WonderFi’s theory that the crypto exchange model provides diversified income streams and can operate independently of the prevailing performance of the crypto market.

Bitbuy reported a 29% increase in Ethereum volume traded in January compared to December. The company also listed seven new coins in December 2021, generating an additional $34 million in new value.

Bitbuy will continue adding new coins on its platform in Q1 2022 to underpin the marketplace volume growth while driving user satisfaction.

On February 8, WonderFi announced that BitBuy has entered into an advertising agreement with Kogan.com, one of Australia’s largest and most popular online retailers. The partnership will provide marketing support to Bitbuy’s future launch into the Australian market and give WonderFi access to Kogan’s 3.3 million active monthly customers.