Kevin O’Leary Moves into Decentralized Finance with WonderFi
‘Shark Tank’ host and entrepreneur extraordinaire Kevin O’Leary revealed his latest investment. He believes the next big investment opportunity is within the decentralized finance (DeFi) space. Accordingly, Mr. Wonderful has become a large shareholder in a company bringing this financial innovation to the masses and a company now named after his moniker: WonderFi.
WonderFi was created to help investors learn and profit from DeFi. Its platform simplifies user interaction with decentralized finance and abstracts complexities that are the main barriers preventing mainstream adoption of DeFi. This new financial system offers financial products without a need for a bank or financial institution. Some advantages of this include borrowing money instantly or earning interest on your holdings rather than the 0% you would gain in a common cash account.
Kevin O’Leary has realized some of these advantages and plans to use DeFi to lend out assets in exchange for yield, with a target rate of up to 8% per year.
“DeFi is the next big thing. And does have the potential to be green, democratized, sustainable and will likely be the biggest focus area in finance one the next 5 to 10 years.” – WonderFi CEO Ben Samaroo
Currently, DeFi is being used by crypto experts and traders. With the help of Mr. Wonderful, the potential for WonderFi’s proprietary dashboard is huge. The platform removes the complexities from the space and will allow people to lend, borrow, earn internet, trade assets through smart contracts that can be more efficient than traditional finical products.
Watch the full interview to learn about DeFi’s advantages to the current financial system, the regulatory environment around Bitcoin (BTC) and cryptocurrencies, and Kevin O’leary’s involvement in the company.
00:31 – WonderFi company overview
1:00 – What is DeFi?
2:01 – Financial system resistance to DeFi
4:29 – Founding team and Kevin O’Leary investment
6:51 – Regulatory environment
8:44 – Bitcoin legal tender hurdles
12:10 – Does WonderFi have a business if crypto isn’t adopted as legal tender?
13:40 – Ethereum (ETH)