WonderFi's Bitbuy Announces Acquisition of Bitstamp's Canadian Clients

Rhea-AI Summary

WonderFi's Bitbuy acquires Bitstamp's Canadian clients, expanding its total client accounts to over 1.75 million Canadians. The acquisition of 110,000+ client accounts includes both retail and institutional clients. WonderFi expects minimal additional operating costs and plans to share revenues from the acquired business.

WonderFi grows its total retail and institutional client accounts to over 1.75 million Canadians

Toronto, Ontario--(Newsfile Corp. - April 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, today announced that its wholly owned subsidiary Bitbuy Technologies Inc. ("Bitbuy") has purchased the Canadian clients of Bitstamp ("Bitstamp"). Bitstamp is the world's longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. All financial references are in Canadian dollars unless otherwise noted.

Bitbuy has acquired the 110,000+ Canadian client accounts of Bitstamp. The transaction was completed by way of a business transfer agreement.

Key Details and Other Information Include:

• Bitbuy has acquired Bitstamp's Canadian client accounts, comprising of both retail and institutional client accounts.
• WonderFi anticipates nominal incremental operating costs to service the client accounts on a go-forward basis.
• Bitbuy will share a portion of the revenues from the acquired business.

"We are excited to welcome Bitstamp's Canadian clients to the WonderFi ecosystem," said WonderFi President and Chief Executive Officer, Dean Skurka. "The non-dilutive acquisition of Bitstamp's Canadian clients, following the announcement of our expansion into Australia, is consistent with WonderFi's disciplined approach of pursuing growth opportunities on its platforms," 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 1.75 Million registered Canadians and a combined assets under custody exceeding $1.5 Billion, WonderFi serves one of the largest crypto investor communities in Canada.

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 Bitstamp 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; and the inability of the Company to meet its expected payback period for the Transaction, 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. 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 December 31, 2023, 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/206937

FAQ

How many Canadian client accounts did Bitbuy acquire from Bitstamp?

Bitbuy acquired over 110,000 Canadian client accounts from Bitstamp.

What is WonderFi's total number of client accounts after the acquisition?

WonderFi's total client accounts now exceed 1.75 million Canadians.

Will there be any significant increase in operating costs for WonderFi due to this acquisition?

WonderFi anticipates nominal incremental operating costs to service the acquired client accounts.

How does Bitbuy plan to handle the revenues from the acquired business?

Bitbuy will share a portion of the revenues generated from the acquired Bitstamp's Canadian client accounts.