WonderFi Becomes First TSX-Listed Company To Receive Approval to Offer Crypto Staking

November 02, 2022 at 09:07 AM EDT

WonderFi Technologies Inc (TSX:WNDR) (OTCQB:WONDF) is a technology company focused on creating better access to digital assets through centralized and decentralized platforms. The company provides unified access to digital assets, including crypto, DeFi, gaming, and NFTs.

Under its brands, Bitbuy, Coinberry and UniiFi, WonderFi (TSX:WNDR) (OTCQB:WONDF) provides access to the best that the crypto ecosystem has to offer.

WonderFi (TSX:WNDR) (OTCQB:WONDF) Announces Upcoming Launch of Bitbuy Staking

WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF) just announced that, through its subsidiary Bitbuy, it is now the first TSX-listed digital currency trading platform to receive approval from Canadian securities regulators to offer staking to Canadian investors.

Recent metrics show that due to the ongoing cryptocurrency and stock market downturn, investors are now holding onto their crypto at an increasing rate. Until recently, Canadians primary option for access to cryptocurrency staking was through unregistered platforms.

Bitbuy Staking, which is expected to launch November 28, will allow users to leverage their crypto balances to earn crypto rewards through on-chain staking. Crypto assets associated with proof-of-stake blockchains like Solana (SOL) and Ethereum (ETH) may be bonded to the protocol to help validate transactions and secure the network, in exchange for receiving additional crypto assets as a reward.

“Until recently, Canadian investors only had the option to stake on unregistered platforms,” said WonderFi (TSX:WNDR) (OTCQB:WONDF) President and Interim CEO, Dean Skurka. “As a result, this placed undue risk on Canadian investors, and provided limited oversight in the event that things went wrong. By working with our regulators, and utilizing our external custodian, BitGo, and our institutional staking provider, Figment, we are focused on reducing counterparty risk for our clients. We are excited to offer Canadians the option to stake their crypto in a regulated and transparent environment.”

At launch, WonderFi (TSX:WNDR) (OTCQB:WONDF) estimates that Bitbuy users will have the ability to stake Solana (SOL) for an annualized reward rate of 5-7%. The company expects Ethereum (ETH) staking and other proof-of-stake supported assets to be added in the near term. Bitbuy plans to pay earned rewards weekly, calculated from the protocol reward rate which is variable and different for each network.

Incoming CEO Dean Skurka to Lead Organizational Change

WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF) also recently announced that it is turning its focus on four regulated business segments meant to help it optimize the revenue potential of its more than 600,000 Canadian clients thanks to rising user demand, the lifting of gaming restrictions, and current market trends. The four areas include traditional equities, digital assets, staking plus yield products, and regulated products like gaming and sports betting.

Dean Skurka, the incoming CEO of WonderFi (TSX:WNDR) (OTCQB:WONDF), will lead the organizational change. Skurka, who previously held the position of President at Bitbuy, played a crucial role in helping the company grow its registered customer base from around 2,600 in 2018 to more than 400,000 last year.

He also helped Bitbuy grow yearly revenue from $1 million to more than $32 million over that period. As a result, he made Bitbuy the first authorized cryptocurrency platform in Canada through the CSA and OSC’s exemptive relief scheme and facilitated around $4 billion in trading volume in 2021.

Skurka outlines WonderFi’s (TSX:WNDR) (OTCQB:WONDF) diverse commercial objectives under his new position:

“Revenue growth and profitability are WonderFi’s (TSX:WNDR) (OTCQB:WONDF) top priority and by including the trading of equities, staking and yield products, access to sports betting and gaming, and other regulated offerings, we will dramatically bolster our average revenue per user, while simultaneously developing a comprehensive ecosystem for users like ours to generate wealth in the most modern of ways.”

Diversification Of Investments Critical In Wealth Creation

Explaining the diversification, WonderF’s (TSX:WNDR) (OTCQB:WONDF) strategic investor Kevin O’Leary said:

“The key to wealth generation is diversification. There is a direct correlation between those who buy and sell crypto, and stocks, and seek out other wealth-generating products. It makes perfect sense to deliver that to WonderFi’s (TSX:WNDR) (OTCQB:WONDF) 600,000 customers within one fully regulated, Canadian-operated ecosystem.”

Ben Samaroo shall continue to serve on WonderFi’s (TSX:WNDR) (OTCQB:WONDF) board of directors to maintain sustainability for the company’s relationships with its major shareholders, authorities, and the financial markets. As CEO and co-founder of WonderFi (TSX:WNDR) (OTCQB:WONDF), Samaroo led the historic acquisition of Coinberry for $38 million, the purchase of Bitbuy for $206 million, raising approximately $100 million, and turned the company into the only licensed cryptocurrency firm to be listed on the Toronto Stock Exchange.

“I fully endorse Dean Skurka as the next CEO of WonderFi (TSX:WNDR) (OTCQB:WONDF). We are doubling down on offering a wide array of regulated products to our users and Dean, as a proven operational leader, is best suited to lead these efforts,” said Samaroo. “I look forward to continuing our excellent working relationship as he steps into the CEO role.”

Dean Skurka and Ben Samaroo have engaged in new consensual lockup agreements barring any transfer or sale of their stock to show all shareholders their dedication to the future success of WonderFi (TSX:WNDR) (OTCQB:WONDF).

WonderFi (TSX:WNDR) (OTCQB:WONDF) is a top tech company with the goal of unifying and improving digital asset access through decentralized and centralized platforms. The company’s board of directors and management team has a proven experience in crypto and finance.

For more information on WonderFi Technologies Inc (TSX:WNDR) (OTCQB:WONDF), please visit this link.

SOURCE WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF)

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