DeFi Alpha, a cryptocurrency arbitrage trading platform, achieved a revenue of CAD 20.6 million in the third quarter

According to The Block, DeFi Technologies (stock code: DEFTF), a Canadian based fintech company, had a total revenue of CAD 24.2 million in the third quarter, and its cryptocurrency arbitrage trading platform DeFi Alpha had revenue of CAD 20.6 million, exceeding the benchmark estimate of CAD 16 million. This is a significant decrease from CAD 111.5 million in the previous quarter. Benchmark analyst Mark Palmer wrote in a report to clients: "After the end of this quarter, the trend supporting DEFI growth has become even stronger, as the US election results have brought a more positive environmental outlook to the cryptocurrency industry, driving the prices of Bitcoin and several other tokens to historic highs." Analysts said that the surge in cryptocurrency sentiment has had a huge impact on DeFi platforms, as the company's managed assets grew nearly 38% after the end of the third quarter, reaching CAD 1.1 billion on November 13th.