Canadian businessman and co-host of the show Shark Tank has revealed plans for a DeFi startup.
Shark Tanks Kevin O’Leary has announced he wants to start a DeFi investment company called DeFi Ventures. O’Leary confirmed that he is the main shareholder and that he has led a $ 20 million fundraising round. Although he rejected these earlier, the businessman and reality TV star has become a proponent of cryptocurrencies.
In an interview with CNBC in 2019, the television celebrity called the flagship cryptocurrency “garbage,” adding that it was a useless currency. Two years later, he changed his mind about what he called “useless gambling” by investing 3% of his portfolio in bitcoins.
“Is # Bitcoin a currency? A property? An asset? Maybe all of it, I invest 3 % of my portfolio …“, he said.
Previously, O’Leary’s had also shown interest in non-fungible tokens (NFTs). Last month, he claimed that these tokens will be “phenomenal” and redefine the arts and music industry. The businessman, popularly known as Mr. Wonderful, now intends to enter the decentralized finance (DeFi) sector.
In a podcast episode with Morgan Creek Digital co-founder Anthony Pompliano, O’Leary confirmed his interest in the sector and shared his opinion on DeFi projects. He stated that the sector will play a crucial role in the development of the crypto space.
O’Leary stated that his company will appeal to investors who want to make a certain profit on their held coins in a compliant way. He added that the volatile nature of the leading Cryptocurrency was an influential factor in his decision to invest in DeFi. The Shark Tank star hinted that investing in cryptocurrencies has a lower earning potential than DeFi. O’Leary, the „much more“DeFi is confident that the sector will experience significant growth in the coming years.
The television star said the startup, currently called DeFi Venture, is not yet operational. But he is considering renaming it “WonderFi”, that is, according to his nickname.
„I will rename it to WonderFi because it will be my medium and I think this is just the beginning of some possible things that still follow“ he said.
According to the DeFi Llama reporting platform, DeFi projects currently have a total blocked value of $ 124.4 billion.