Canadian celebrity investor Kevin “Mr Wonderful” O’Leary says the sector within the crypto space that he is most excited about is decentralized finance (DeFi).
According to a report by The Daily Hodl, during in a recent interview (released on May 24) with Anthony Pompliano (aka “Pomp”), O’Leary said:
What interests me the most right now is DeFi. I think it’s where the puck is going and I’ll tell you why. So now I’ve got a large amount of capital tied up, 3% waiting in the operating companies, a lot of capital. And it’s not yielding anything right. I said to my guys, ‘Let’s get into some DeFi and take a portion of the assets and wrap into the Ethereum chain and let’s start making some interest. Let’s start looking at different ways we can loan our assets out.’
O’Leary, who is regularly featured on ABC’s popular show Shark Tank, told Pompliano he has been going “deep into the rabbit hole” of DeFi. He explained his research led him to invest in a firm specializing in services that would improve the entire sector:
This is crazy complicated, but there must be millions of people that have a little bit of coin that want to make some 4%, 5%, 6% on it. Why don’t you go find me a company, a team that I can invest in that will do a commercialized DeFi. Not corporate, so that somebody that has a wallet that’s got maybe twenty grand, or $10,000 or $5,000 in it could easily do what I’m doing that takes a staff of four people?
O’Leary continued, saying he led a $20 million funding round for the Canadian-based firm DeFi Ventures, which he intends to rename WunderFi:
We put a significant round together for them, a $20,000,000 round. I’m the lead on that thing. I think it’s going to be a great company. We haven’t even announced it yet. It’s called DeFi Ventures. I’m going to rename it WunderFi because it’s going to be my vehicle.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.