The Canadian businessman and Shark Tank co-host has announced plans to start a DeFi startup.
Shark Tank’s Kevin O’Leary has announced that it will form a DeFi investment company called DeFi Ventures. O’Leary has confirmed that he is the majority shareholder and has led a $ 20 million fundraising round. The businessman and reality TV star has become a proponent of cryptocurrencies despite previously rejecting them.
In a 2019 interview with CNBC, the television personality described the flagship cryptocurrency as “junk” and added that it was a useless currency. Two years later, he changed his mind on what he termed no-profit gambling by allocating 3% of his portfolio to Bitcoin.
“Is #Bitcoin a currency? Property? An asset? Maybe all of this, I’m going with a 3% portfolio allocation…”he said.
O’Leary’s has previously shown interest in non-fungible tokens (NFTs). Last month he claimed that these tokens “phenomenal“And should redefine the art and music industry. The businessman popularly known as Mr. Wonderful now intends to enter the decentralized financial sector (DeFi).
In a podcast episode with Morgan Creek Digital Co-Founder Anthony Pompliano, O’Leary confirmed his interest in the industry and shared his thoughts on DeFi projects. He stated that the sector would play a vital role in the development of the crypto space.
O’Lear stated that his company is geared towards investors who want to make a profit on the coins they hold in a compliant manner. He added that the volatility of the leading cryptocurrency was an influential factor in his decision to invest in DeFi. The Shark Tank star suggested that cryptocurrency investments had lower return potential than DeFi. O’Leary, who is ‘open up a lot more“DeFi is confident that the sector will see significant growth in the years to come.
The TV star said the startup, currently called DeFi Venture, is not yet operational, but is considering renaming it “WonderFi” after its nickname.
“I’m going to rename it WonderFi because it will be my vehicle and I think it’s just the beginning of some great things to come.” he said.
According to DeFi reporting platform DeFi Llama, DeFi projects are currently valued at $ 124.4 billion.