Bitbuy and Coinsquare businesses are experiencing higher average trading volumes in 2024
Coinsquare staking activity reaches over ~$11.8M in less than two weeks, increasing the total staked on WonderFi subsidiaries to over $80M
Total client assets on the combined platforms surpassed $1.5B
Toronto, Ontario--(Newsfile Corp. - March 6, 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 Bitbuy Technologies Inc. ("Bitbuy") and Coinsquare Capital Markets Ltd. ("Coinsquare"), its two wholly owned crypto trading platforms, have surpassed $1.5 billion in combined client cash and digital assets under custody.
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.
Bitbuy and Coinsquare's client assets under custody have positively benefited from new user growth, increased user activity and price appreciation in the digital asset sector. During the past week of heightened market activity and volatility, and with Bitcoin reaching a new all-time high in Canadian dollars, Bitbuy and Coinsquare earned approximately $1M of net revenues in a 24-hour period. Costs associated with this revenue were in-line with ordinary course operating conditions.
As two of Canada's largest regulated crypto trading platforms, Bitbuy and Coinsquare continue to demonstrate significant leverage to the increase in the price of Bitcoin and the acceleration in cryptocurrency trading volumes. As an example, Coinsquare's launch of an extensive offering of crypto staking services in Canada less than two weeks ago has continued to experience rapid growth, with over $11.8M staked, bringing the total staked on WonderFi Platforms to over $80M.
"WonderFi continues to demonstrate strength and operating leverage with our regulated cryptocurrency trading platforms. Our ability to attract trading volume, staking activity and total client assets on our platforms continue to drive revenue, and further validate our approach and strategy. The transformative steps we took as a company over the past year are propelling WonderFi's growth with new users and growing investment in the crypto space," said Dean Skurka, President and Chief Executive Officer of WonderFi.