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New York, NY – November 3, 2021 – October saw the popular cryptocurrency Ethereum notch 40% in gains, and hit a market cap six times the size of the second-largest altcoin, Binance Coin. Now, analysts from Goldman Sachs are predicting that Ethereum could rally by 80% within the next two months to reach $8,000. Ethereum has far outperformed Bitcoin this year thanks to surging retail and institutional investor interest in the altcoin, which is causing companies to race to mine more of it as well. WonderFi Technologies (NEO:WNDR) (OTCPK:WONDF), is one of the blockchain companies growing its DeFi portfolio with Ethereum at the centre of its strategy. Other big names like Marathon Digital Holdings, Inc. (NASDAQ:MARA), Mobilum Technologies Inc. (CSE:MBLM) (OTCPK:MBLMF), HUT 8 Mining Corp. (NASDAQ:HUT), and DMG Blockchain (TSX-V:DMGI) (OTCQB:DMGGF) continue to move toward a decentralized finance future that includes Ethereum as one of the key cryptocurrencies.
WonderFi Technologies (NEO:WNDR) (OTC:WONDF) took a step toward opening up opportunities with its product offerings as it announced that it had established and deployed additional proof of stake (PoS) validator nodes on the Ethereum network. In total, WonderFi has 10 full Ethereum nodes. These validator nodes play a critical role in securing the network and validating transactions for blockchain protocols that use PoS consensus mechanisms. This is aimed at developing a more secure system for transactions and accuracy for the Ethereum network.
This will allow WonderFi Technologies to continue to grow its infrastructure. Another major benefit includes that 6% APY on staked assets that users can earn when staking Ethereum through a validator node. The announcement came at an ideal time, as Ethereum just reached an all-time high of US$4,507.
Earlier this week, WonderFi also announced it had received approval from its Board of Directors to purchase up to C$10 million in digital assets, which will be weighted across key assets that drive and enhance value in the DeFi sector. This is in line with WonderFi’ s strategy of adding to its existing balance of long-term holdings.
This news follows the closing of a bought deal financing of approximately C$26.4 million led by Canaccord Genuity Corp. with the majority of the proceeds to go toward the product development roadmap and another portion allocated to growing WonderFi ’s digital asset portfolio.
For more information on WonderFi Technologies, please visit this link.
Crypto Companies Continue Gaining Traction in the Booming Market
Technology-driven Payment Service Provider (PSP) Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) has continued toward its goal of making traditional finance accessible through digital payment infrastructure and digital asset management technologies. On October 25, the company announced the launch of its updated over-the-counter crypto trading desk. Mobilum ‘s OTC trading desk, which is designed exclusively for high net-worth individuals and institutions looking to execute large-volume orders of Bitcoin and other cryptocurrencies for transactions above $50,000, has generated approximately C$20 million in transaction volume to date. The company also recently appointed well-known Bicoin pioneer and CEO of Coinstream, Michael Vogel as Chief Executive Officer and CEO of Mobilum OÜ Wojciech Kaszycki as President.
Last month, Marathon Digital Holdings, Inc. (NASDAQ:MARA), one of the largest enterprise Bitcoin mining companies in North America, announced that it had produced 1,252.4 new-minted Bitcoins during Q3 2021. That represents a 91% increase quarter-over-quarter that reflects an increased interest in growing its holdings of cryptocurrencies. To accelerate its growth, the company obtained a $100 million revolving line of credit from Silvergate Bank. The line of credit is secured by Bitcoin and USD.
On September 9, DMG Blockchain (TSX-V:DMGI) (OTCQB:DMGGF) announced that it will become the first North American Bitcoin miner to join Marathon Digital’s mining pool, MaraPool. DMG began pointing 100% of its hash rate towards the US-based Bitcoin mining pool on September 13, as the pool opened to additional Bitcoin mining companies. DMG went on to announce on October 20 that using a testnet environment, it had initiated a new function called Petra. This gives subscribers more optionality for initiating cryptocurrency transactions, providing subscribers with more choice with respect to how they proceed with transactions.
Leading digital currency miner HUT 8 Mining Corp. (NASDAQ:HUT) announced that it has purchased 12,000 new MicroBT Miners for delivery starting in January 2022. This is to increase the company’s mining capacity. With first deliveries beginning in January 2022 at a rate of approximately 1,000 machines per month, the company expects full deployment to be achieved by December 2022. HUT 8 also recently announced that the development of its third mining site was underway in North Bay, Ontario. The site, which is expected to be online by the end of 2021, will enable the company to generate power using a blend of by-product steam, hydrogen and natural gas in conjunction with a geothermal system.
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