51% of active Bitbuy users now stake their crypto
TORONTO, CANADA, September 5 2023 - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi"), is excited to announce that its wholly-owned subsidiary Bitbuy is the first registered Canadian crypto-trading platform to offer on-chain staking for Cosmos (ATOM) and NEAR. The addition of these digital assets to Bitbuy's Ethereum (ETH), Solana (SOL), Polygon (MATIC), Polkadot (DOT), and Cardano (ADA) staking offering represents the largest selection of digital assets for staking on any registered crypto-trading platform in Canada.
Staking involves temporarily locking up a specified amount of cryptocurrency, which serves as a "stake" or collateral. In exchange for this stake, participants have the opportunity to receive rewards in the form of additional crypto tokens, making staking an increasingly popular avenue for generating passive income amongst crypto investors.
Bitbuy is one of only three crypto-trading platforms in Canada providing regulated staking. In the 9 months since its release, Bitbuy Staking has garnered remarkable traction within the crypto investment community, with a substantial 51% of Bitbuy's monthly active users currently participating in crypto staking.
"Staking has become a vital part of the everyday crypto investor's portfolio. In 2023 alone, Bitbuy has seen a 450% increase in the total dollar amount staked," said WonderFi Chief Executive Officer and President, Dean Skurka. "We are excited to be the first registered crypto-trading platform in Canada to introduce ATOM and NEAR staking. This further extends Bitbuy's leadership position as the largest regulated platform for Canadian investors looking to stake their crypto and earn rewards."
To commemorate the launch, Bitbuy users will have the opportunity to stake ATOM at an exclusive limited-time annualized reward rate of 17% and NEAR at 8%.
Bitbuy uses BitGo Trust Company, Inc. ("BitGo") to custody all staked assets. BitGo is trusted by 1500+ clients globally in over 50 countries securing assets for over 100 million users.
"We are proud to partner with a recognized crypto leader in Canada," commented BitGo COO, Chen Fang. "With both parties sharing a strong commitment to security and regulatory compliance, we are excited to extend the advantages of crypto staking to a wider audience."
To learn more about how you can earn passive income through crypto staking, visit https://bitbuy.ca/staking.
Upcoming Investor and Industry Conferences
WonderFi is pleased to release its schedule for investor relations activities occurring during the month of September.
Singular Research Autumn Equinox Compelling Values Webinar -- September 14
WonderFi CEO Dean Skurka will be presenting to prospective investors at the Singular Research Autumn Equinox Compelling Values Webinar.
Date & Time: Thursday, September 14 at 9:15am ET.
Registration Link: For more information and register for the event, click here.
Financial Services Virtual Investor Conference
WonderFi CEO Dean Skurka is set to present at the Financial Services Virtual Investor Conference, where he will articulate his vision for the future of WonderFi.
Last year, over 600 companies presented their story to the Virtual Investor Conferences community of 125,000 investors.
Date: Thursday, September 21.
Elevate Festival 2023
WonderFi CEO Dean Skurka will participate on the Fintech panel at this year's Elevate Festival, taking place September 26th to 28th at Meridian Hall and the St. Lawrence Centre for Arts in Toronto, Canada.
Elevate Festival is Canada's largest homegrown tech and innovation festival uniting world-class innovators and industry leaders who are building a better future.
Date: Tuesday, September 26 - Thursday, September 28.
Registration Link: For more information and tickets to this year's festival, click here.
Muskoka Capital Event
WonderFi CEO Dean Skurka and Coinsquare President Eric Richmond will be presenting to prospective investors at the Muskoka Capital Event in Muskoka, Ontario.
The event introduces growth-stage companies (Resource, Technology, Biotech, Special Situations) to active top-level capital finance individuals through a weekend of pre-scheduled 1:1 meetings and networking activities.
Date: Friday, September 29 - Sunday, October 1.
Registration Link: For more information and register for this year's event, click here.
Wonderfi wholly owns three Canadian based registered crypto trading platforms being Bitbuy, Coinsquare and Coinsmart, wholly owns SmartPay, a global crypto payment processing platform, and is the largest shareholder of Tetra, a leading Canadian digital asset custodian. With a collective user base of over 1.6 million registered Canadians and a combined assets under custody exceeding $730 million, WonderFi boasts one of the largest communities of crypto investors within a single regulated ecosystem in Canada. For more information, visit www.wonder.fi.
With over 600,000 registered users, Bitbuy is one of Canada's largest regulated crypto asset trading platforms. Bitbuy offers trading, staking, and corporate solutions to retail and advanced traders, high-net-worth and institutional clients. For further information about Bitbuy, please visit www.bitbuy.ca.
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013 - the early days of crypto - BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies' MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains. Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work. BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc's original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world's sole custodian for WBTC, or wrapped Bitcoin. Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over 50 countries - a list that includes many regulated entities and the world's top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value. For more information, please visit www.bitgo.com.
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Media / Investor Relations
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the beliefs of WonderFi Technologies Inc. ("WonderFi" or the "Company") regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "planned", "estimated", "soon", "potential", "anticipate" or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the inability to maintain current levels of user growth and staking growth due to competition and cyclical market conditions; the inability of the Company to work effectively with strategic investors and partners, and any changes to key personnel; security and cybersecurity threats and hacks; internet and power disruptions; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID-19 pandemic; climate change; currency risk; changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada, the United States, Europe and other jurisdictions in which the Company carries on business or in which the Company may carry on business in the future; and material adverse changes in general economic, business and political conditions, including changes in the financial markets and compliance with extensive government regulation. These risks are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and the Company's future decisions and actions will depend on management's assessment of all information at the relevant time. A more fulsome description of risk factors that may impact business, financial condition and results of operation with respect to WonderFi is set out in its management's discussion and analysis and financial statements for the period ended March 31, 2023, as well as its annual information form and the joint management circular of WonderFi, Coinsquare and CoinSmart in respect of the Acquisition, available on its SEDAR profile at www.sedar.com.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. All financial amounts referenced herein are in Canadian dollars unless otherwise expressly identified.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.