WonderFi Generates $8.8M of Solana from Investment, While Coinsquare Launches Long Anticipated Crypto Staking

February 26, 2024
  • Successful investment generated 61,720 of unrestricted Solana, realizing a profit of $6.7M to be recognized in Q4 2023.
  • Coinsquare now provides staking for Ethereum, Solana, Cardano and 4 other leading proof-of-stake cryptocurrencies and follows the successful launch in 2022 of staking on WonderFi's other registered crypto trading platform Bitbuy.
  • WonderFi will support the product launch by staking a portion of the Solana from its successful investment.

Toronto, Ontario--(Newsfile Corp. - February 26, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the "Company" or "WonderFi"), Canada's leading operator of regulated crypto trading platforms and other digital asset businesses, is pleased to announce that it has generated net proceeds of 61,720 unrestricted Solana relating to certain investments, while its subsidiary Coinsquare has launched an extensive offering of crypto staking services in Canada that has seen over $3.5M staked in the first days of the launch.

This news release constitutes "a designated news release" for the purposes of the Company's prospectus supplement dated December 23, 2022, to its short form base shelf prospectus dated September 7, 2022.

Solana is a Proof-of-Stake layer 1 protocol that is focused on high-speed settlement creating incredibly fast and cheap alternatives to other layer 1 protocols including Ethereum. With strong infrastructure and an effective go-to-market strategy, Solana has been able to catapult into the fifth largest cryptocurrency by market capitalization.

Realizing the Solana from our investment and launching staking on Coinsquare both serve as examples of the many ways we create shareholder value through our continued investment across the digital asset industry. WonderFi expects to receive another distribution in March in excess of $1M related to the same investment.

Crypto staking, a process that allows users to earn rewards by actively participating in the validation of blockchain networks, has gained significant traction as a popular method for crypto investors to generate passive rewards.

Christopher Pollock, President of Coinsquare, shared that "we are incredibly excited to be one of only four registered platforms for Canadians to earn staking rewards on their crypto assets. Staking is an important and unique part of the crypto ecosystem, successfully utilized by millions of crypto investors around the globe, and we're excited that our 600,000+ users can now earn crypto rewards passively in conjunction with their core investment. WonderFi will be staking Solana from its successful investment on Coinsquare as a vote of confidence in its staking offering."

Coinsquare's staking offering will have variable staking rewards rates of up to 11.23% and has the largest selection of stakeable assets of any CIRO dealer member including Ethereum, Solana, and Cardano. Coinsquare users can now log into their account and start the process of staking their assets.

Notable investor Kevin O'Leary shares "my investment thesis in holding WonderFi is that Crypto currencies and digital payments systems will continue to gain market share in the Canadian financial services sector, and I want equity exposure to the regulated infrastructure that supports them. I remain a committed WonderFi shareholder because the Company has emerged as the Canadian leader now that the Crypto Cowboys have all been regulated or litigated out of existence."

For more information about Coinsquare's staking offering, visit Coinsquare.com/staking.