Kevin O’Leary, businessman, politician, and Shark Tank star, announced on Anthony Pompliano’s podcast that he’s a primary stockholder of a new decentralized finance (DeFi) company, which strives to help investors gain from DeFi.

O’Leary plans to launch a Canadian startup DeFi Ventures, having driven a $20 million fundraising round for the company, which has yet to go live.

Shark Tank star, whose nickname is Mr. Wonderful, said,

I am going to rename it to WonderFi because it is going to be my vehicle, and I think it’s just the beginning of some great things to come

The startup attempts to find a commercial solution to DeFi investing, empowering any individual with a wallet to wrap their resources and use DeFi’s advantages automatically and compliantly.

Likewise, the investor said that bitcoin’s tremendous volatility has supported his DeFi speculations and surged the profits.

ESG Guidelines Are Met

The Shark Tank star stressed that institutional financial backers are as yet inspired by bitcoin regardless of the recent sell-off. Presently, under 1% of organizations worldwide invest in cryptocurrency as a resource class.

He clarified that one reason preventing them from getting into digital currency quicker is that they have sustainability committees that screen investments and permit ones that fulfill ESG guidelines.

To support the guidelines, Kevin O’Leary, during a webcast at the Consensus 2021 on Monday, repeated his interests in bitcoin’s supportability and the significance of digital money fulfilling organizations’ ESG guidelines.

Additionally, he said that the first question he asks a mining project before investing in it is how the project deals with ESG. ESG refers to the three focal elements in estimating an investment’s sustainability and societal impact in a company or business: environmental, social, and corporate governance.

O’Leary believes that bitcoin needs to become more sustainable to attract institutional investors. A more environmentally friendly way of mining the cryptocurrency could see its value rise as high as $200,000.

At the time of publication, the Total Value Locked (USD) of the DeFi ecosystem is $63.35B, according to DeFi Pulse.

Also Read : Ron Paul describes Gold and Bitcoin as competition to the U.S Dollar


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