Defactor: the DeFi project backed by Chinese technology giant Huawei rose over 500% in just 24 hours
In a surprising turn of events, Huawei, one of China’s largest companies, released a promotional video about the DeFi project Defactor, which rose by more than 500% in just 24 hours, with a market cap of $13.5 million. According to Coingecko, a new address created less than 13 days ago bought about 200,000 FACTRs just 12 days ago and sold them all today for a profit of nearly $25,000.
This sudden spike in the price of Defactor has garnered a lot of attention from the cryptocurrency community, with many speculating about the cause behind it. Some are pointing to the fact that Huawei, a company with significant influence in China, has promoted the project, which has undoubtedly helped to drive up its price.
In a tweet, Huawei stated that Defactor is “a start-up that bridges traditional financing to the new world of DeFi.” The company also urged people to check out the Defactor journey at the Huawei International Scale-Up Programme in Ireland, which was delivered by Dogpatch Labs.
The Defactor project aims to create a decentralized finance platform that allows users to invest in real-world assets such as real estate, stocks, and commodities using cryptocurrency. The platform is built on top of the Binance Smart Chain and is designed to provide users with a simple and intuitive interface to invest in these assets.
The sudden rise in the price of Defactor is a clear indication of the growing interest in decentralized finance projects, especially those that offer exposure to real-world assets. As the world continues to shift towards a more digital economy, it’s becoming increasingly clear that decentralized finance has the potential to revolutionize the way we invest and manage our finances.
Overall, it’s clear that the Defactor project is gaining traction in the cryptocurrency community, and with the backing of a company as influential as Huawei, it’s likely to continue its upward trajectory. As always, investors should exercise caution when investing in cryptocurrency projects and do their due diligence before making any investment decisions.
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