Wonderfi (WONDF) becomes leader in DeFi as it takes on Sofi Technologies (SOFI) and BlockFi

WonderFi (OTC:WONDF) is a new DeFi blockchain company taking on Sofi Technologies (SOFI) and BlockFi. The company aims to simplify access to decentralized finance, commonly known as DeFi.

The company is backed by Shark Tank’s Kevin O’Leary, Tik Tok star Josh Richards, Sam Bankman-Fried and Leonard Latchman.

WonderFi app is currently set to release in October or Q3 of this year on the iOS and Android App stores. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets.

The executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital, Hut 8 and BIGG Digital. WonderFi’s core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access DeFi in a simple, smart and secure way.

WonderFi currently has partnerships with Coinbase (COIN), DeFi Pulse, and many more cryptocurrency companies and protocols like Compound.

With the app you’ll be able to invest in DeFi indexes and earn through lending out your coins and don’t worry, this is a non-custodial solution that is 100% compliant so it will be very easy to do taxes.

Why is WonderFi (WONDF) better than SoFi and BlockFi?

WonderFi aims to become the gateway of decentralized finance and unlike SoFi and BlockFi, the company’s custodian is Coinbase which means that WonderFi will benefit from Coinbase’s regulatory approval and may also be able to list more cryptocurrencies on its platform.

I see WONDF as a long term hold and expect it to increase rapidly once DeFi goes mainstream. This is similar to investing in SoFi in its early days and there is no doubt that it could reach SoFi’s market cap.