WonderFi Announces Successful Consolidation of Crypto Trading Platforms
WonderFi Technologies announced the successful consolidation of its crypto trading platforms, Bitbuy and Coinsquare, under one regulated Investment Dealer, creating Canada's largest CIRO-regulated crypto trading platform. This move streamlines operations, enhances user experience, and aims for cost synergies and operational efficiencies. With 1.7 million registered users and assets exceeding $1.5 billion, WonderFi's platform now offers features like updated UI, customizable watchlists, automated price alerts, portfolio value charts, seamless Interac e-Transfers, and free crypto withdrawals. Cash balances are covered by CIPF up to $1 million.
Bitbuy clients have been securely migrated with no action required, ensuring a smooth transition with clear communication and support throughout. CEO Dean Skurka highlighted the benefits of enhanced security and material cost savings from this consolidation.
- Largest CIRO-regulated crypto trading platform in Canada.
- Streamlined operations and enhanced user experience.
- 1.7 million registered Canadians and over $1.5 billion in assets under custody.
- Updated user interface with customizable watchlists and automated price alerts.
- Free crypto withdrawals for selected coins.
- Seamless Interac e-Transfer integration.
- Cash balances covered up to $1 million by CIPF.
- Expected cost savings and operational efficiencies from consolidation.
- Potential risks associated with platform consolidation.
- Uncertainty about how seamless the user transition will be.
- No specific financial metrics provided to quantify expected cost savings.
- Possible challenges in maintaining user trust and operational stability during the transition.
Both of the Bitbuy and Coinsquare brands and trading activities are now operated by one fully regulated Investment Dealer, creating a new regulated Canadian crypto trading market leader
WonderFi now operates the largest CIRO regulated crypto trading platform in Canada
There is no action required on the part of Bitbuy client accounts, as they have been securely migrated to the regulated Investment Dealer
Toronto, Ontario--(Newsfile Corp. - May 28, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the "Company" or "WonderFi"), Canada's leader in regulated crypto trading today announced that Coinsquare Capital Markets Ltd. ("Coinsquare"), WonderFi's Canadian Investment Regulatory Organization ("CIRO") member Investment Dealer, has acquired Bitbuy Technologies Inc.'s ("Bitbuy") client accounts and now operates the Bitbuy platform.
This strategic move is part of WonderFi's plan to streamline operations and enhance the trading experience for its users. By migrating Bitbuy's clients to its Investment Dealer, the Company aims to realize cost synergies and operational efficiencies while offering an increased range of services available through its Investment Dealer.
With 1.7 million registered Canadians and assets under custody exceeding
Key Features and Other Information Include:
- Updated User Interface: Experience a fresh new look with our updated UI, customizable Watchlists, automated Price Alerts, and Portfolio Value Charts to easily track your portfolio's performance in real-time;
- Streamlined Interac e-Transfer Flow: Seamlessly initiate Interac e-Transfers directly from within the platform, making transitions smoother and more efficient;
- Crypto Swaps Between Supported Coins: Gain more flexibility and control over your portfolio with the ability to trade directly between all supported coins on our platform;
- Free Crypto Withdrawals: Introducing free crypto withdrawals for a growing selection of coins, including, SOL, XRP, LTC, BCH, and XLM;
- CIPF Protection: Cash balances will be covered, with enhanced protection of up to
$1 million through CIPF;
For Bitbuy Client Accounts - No Action Necessary
WonderFi is committed to making this transition as smooth as possible for Bitbuy client accounts. There is no action required on the part of Bitbuy client accounts, as their accounts and funds have been securely migrated to the regulated Investment Dealer. Client accounts can expect clear communication and support throughout the process, ensuring a seamless transition. For any further questions or inquiries, please reach out to support@bitbuy.ca.
"We are excited to migrate Bitbuy's users to a CIRO-regulated Investment Dealer," said WonderFi President and Chief Executive Officer, Dean Skurka. "By moving all of our trading activity under the supervision of CIRO, we are providing our users with the safety and security that comes with the highest level of regulation in Canada. For our investors, we expect to realize material costs savings from this consolidation," added Mr. Skurka.
ABOUT WONDERFI
WonderFi owns and operates Bitbuy and Coinsquare, two leading domestic crypto platforms with strongholds in the Canadian market; WonderFi operates Internationally through its expansion in Australia, as well as through Smartpay, its global crypto payments platform.
With a collective user base of over 1.7 Million registered Canadians and a combined assets under custody exceeding
For more information, visit www.wonder.fi.
Additional Information
For additional information, please contact:
Media / Investor Relations
Charlie Aikenhead
Invest@wonder.fi
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 of the Company to integrate successfully the client accounts; the potential impact of the announcement or consummation of the transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders, each of which may be subject to market conditions and regulatory or other approvals which may be required in connection therewith; and material adverse changes in general economic, business and political conditions, including changes in the financial markets and compliance with extensive government regulation. 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, 2024, available on its SEDAR+ profile at https://www.sedarplus.ca.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210744
FAQ
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