CEO describes collapse of unregulated crypto lenders as WonderFi’s “thesis playing out in real time.”
At the beginning of this year, WonderFi co-founder and CEO Ben Samaroo had his sights set on making WonderFi as big as Voyager Digital, which had a roughly $3 billion market capitalization at the time.
Since then, the crypto market has been crushed: over $2 trillion USD in value has been wiped out, and crypto lenders like Voyager Digital, Genesis, BlockFi, Celsius, and Vauld have reportedly struggled to remain solvent amid the collapse of cryptocurrency asset prices.
“We wouldn’t have been able to do something like that with being regulated by the OSC.”
Some of these firms have suspended account withdrawals during this liquidity crisis, while other companies have become acquisition targets at a fraction of their previous valuation. Others have filed for bankruptcy, like