WallStreetBets seeks to power an ecosystem of DeFi products that operate directly on the Bitcoin blockchain. This was announced by the founder of the organization, Jaime Rogozinski, during the Money 20/20 event that is currently taking place in Las Vegas, USA.
Rogozinski noted that WallStreetBets’ decentralized finance applications (DeFi) will be built on Liquid, the bitcoin sidechain developed by Blockstream. The goal is to facilitate access for small investors “to publicly traded portfolios, tokenized shares of major global companies and other interesting assets.” Likewise, the community will be able to vote to include new assets on the platform, says a press release issued by the organization.
The WSBDApp platform, so called the WallStreetBets decentralized application, had already been launched last May on the Binance Smart Chain, as reported by CryptoNews. On that occasion they also launched a governance token called WSB, which serves investors to vote and participate in community decisions. However, the statement notes that The plan for the Bitcoin-based platform includes completely new DeFi products.
Jaime Rogozinski, founder of WallStreetBets, announced plan to build DeFi product on Bitcoin during his participation
at the Money 20/20 event, in Las Vegas USA Source: CNBC Television / youtube.com
For this project, WallStreetBets is building on the recently established alliance between Liquid Network, Digital Markets (DIGTL) and MERJ Exchange (MERJ). DIGTL is an investment technology company specialized in connecting global asset issuers with investors through digital stock exchanges. For its part, MERJ is a digital stock market.
As reported, WallStreetBets’ goal is to solve “the biggest challenge: provide global retail investors with a solution to corrupt markets«. It should be remembered that this organization gained popularity in early 2021, when they developed a movement of small investors that managed to alter the stock market and place hedge funds at risk of bankruptcy.
In this sense, they affirmed that their association with a regulated market infrastructure, obeys their objective of «swallowing CeFi» (acronym for Centralized Finance) and «absorbing them completely in our emerging world of DeFi».
Blockstream’s chief security officer, Samson Mow, said the movement’s ideals of ‘creating fair and open markets’ supports open blockchains, making Liquid’ the ideal asset management and issuance platform to support the vision of WallStreetBets ».