Israeli DeFi start-up sold to Eric Voorhees

Israeli DeFi start-up sold to Eric Voorhees
CONTENT

  • The decentralized finance market is actively developing and attracting new participants

  • New crypto wallet will open access to 70 DeFi applications

  • Vursich intends to scale crypto business

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Infamous crypto enthusiast Eric Voorhees has acquired the Israeli startup Portis, which opens access to the DeFi market all over the world. This is the first major purchase of a businessman after the incident with the ShapeShift exchanger, after which Voorhees himself was accused of facilitating money laundering by criminals. Then the founder of the platform managed to get off easily, but already in 2018 the project lost 90% of its customers after the introduction of the KYC (know your customer) function, which involved collecting information about the identity of users.

Israeli DeFi start-up sold to Eric Voorhees

It seemed that Voorhees’s cryptocurrency business was doomed, but he managed to stay on the market and even launched another ShapeShift.com project, which opens up opportunities for trading and storing digital assets in such a way that centralized exchanges cannot control funds. According to Voorhees, the number of users of the site has been growing at about 20% per month since its launch in July 2019..

Voorhees’ new passion – DeFi

 

Now, the crypto enthusiast has decided to carve out his own niche in the fast-growing decentralized finance market. Defi opens up new horizons for users and actually replaces the traditional banking system. Smart contracts allow customers to issue loans, take loans, invest cryptocurrencies at interest, purchase or exchange tokens for fiat money, and vice versa. The number of users in the world is only increasing daily. More than 40,000 people have already used Defi apps every month, according to Binance Research. Although the number of startups working in the field of decentralized finance almost doubled last year, only about 20 projects are popular with clients.

Israeli DeFi start-up sold to Eric Voorhees

Despite the cryptocurrency market crashing in March 2020 after the Dow Jones and S indices dropped&P 500, capitalization of companies in the field of DeFi exceeded $ 1 billion.

As Eric Voorhees himself admitted in a telephone interview to Bloomberg, it was a very good test of strength for start-up projects in the DeFi field. According to Voorhees, this market will develop rapidly in the future, so he sees the point in buying projects that provide access to decentralized finance..

As for the acquired startup Portis, Voorhees is in no hurry to name the amount of the deal. It is known to be a crypto wallet that supports over 70 DeFi apps. In the near future, renaming will be carried out, and the service will be called ShapeShift. The functionality of the crypto wallet allows you to buy cryptocurrency from any distributed application using a debit card.

Voorhees is not going to stop there and will continue to expand its presence in the cryptocurrency market.

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