Wave’s CEO: Bitcoin, Defi, and NFTs will see an increase in institutional use
Wave Financial Group CEO and Co-founder David Siemer told Blockworks in an interview: “Adoption is going to rise. We spend a lot of time talking to multi-family offices and institutions and they’re all heading in this direction fast.”
Wave Financial Group CEO and Co-founder David Siemer told Blockworks in an interview that decentralized finance, or Defi, is still in its early phases and that there will be a lot of innovation.
In Siemer’s opinion, the value of cryptocurrency will continue to rise as more people become aware of it. Wave Financial’s assets under management (AUM) just surpassed $1.5 billion as the market continues to develop, according to Siemer. According to a prior announcement, the business gained $500 million in AUM in only 45 days, up 50% from $1 billion in AUM in the middle of September.
Federal Securities and Exchange Commission (SEC) regulation governs Wave Financial, a federally registered investment advisor, according to Siemer. Asset management and treasury management services are available in addition to venture capital investments in crypto firms.
Using bitcoin volatility, the company’s Wave Bitcoin Income Fund converts it into steady producing income for customers. In spite of the lack of bitcoin in the firm, Siemer says it retains the digital currency on behalf of customers and the money it manages. There are no traditional balance sheet investments in cryptocurrencies at the parent business level, he continued.
With the recent establishment of Wave Financial’s NFT fund, investors will be able to invest in NFT assets, platforms, and protocol technologies. According to Siemer, the fund’s goal is to invest 70% in collectibles, which include art, gaming, NFTs, jpegs, and other products of this kind, and 30% in infrastructure.
According to Siemer, finding discounted NFTs and purchasing them is a small component of the collectibles strategy. The first dip is generally when you want to purchase hundreds of them. It’s not uncommon for prices to spike by 10 times overnight, according to him.
A large portion of the fund’s holdings is in early-stage NFT theories like CryptoPunks and Bored Apes. He said that there was a “liquid market” for them.
According to Siemer, the crypto industry will grow by a factor of two to five in the next three to five years. Defi yields, innovation, and the SEC’s approval of bitcoin-based ETFs are all driving the market right now, according to him.
Achieving regulatory recognition for ETFs was a significant milestone…as well as much more on the way,” he said. Bitcoin’s price will skyrocket if those ETFs suck up $50 billion of the cryptocurrency. There’s a significant driver there, and adoption is growing at a quick pace beyond that,” he noted.
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