CoinShots Logo
Wonderland Passes Vote To Invest $25M In Sifu Vision
Wonderland passed a vote to buy $25 million worth of Sifu Vision tokens. SIFU Vision is cryptocurrency project founded by Sifu, Wonderland’s former treasury manager.
Himanshu S.
10:51 1st Jul, 2022
DeFi

DeFi protocol Wonderland has passed a governance vote to invest $25 million in the token Sifu Vision, a crypto project founded by Wonderland's former treasury manager, known as Sifu.

The vote passed today, with 89% of the votes supporting the governance decision. This means that it's very likely that Wonderland community will proceed to an over-the-counter (OTC) deal to acquire $25 million worth of Sifu Vision tokens, more than half of Sifu Vision's entire market capitalization of $42 million. These tokens will be linearly vested for 12 months.

Per the details provided in the governance proposal, Sifu will make independent investments in the crypto space with these funds, hoping to make a return for Wonderland's treasury.

"Similar to the Wonderland TM [treasury manager], its my job to source the best possible deals and invest for maximum potential yield," Sifu commented on the deal in earlier post on Wonderland's governance forum. "The idea is that we trade and invest together, and share in the profits."

Patryn is also known for co-founding the now-defunct Canadian crypto exchange called QuadrigaCX. In 2018, Gerry Cotten, Sifu's business partner and the second co-founder of QuadrigaCX, died on holiday in India. After his death, it was found the exchange had a shortfall of almost $200 million.

Months after getting fired from Wonderland, Sifu founded Sifu Vision, a decentralized investment fund and a crypto token he named after himself.

In June,  Sifu made a return to Wonderland and put up a governance proposal to the project's decentralized autonomous organization (DAO) to invest in Sifu Vision's native tokens. The proposal was put to a vote last week.

Source



CoinShots Logo

Social

Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.