WonderFi's Bitbuy Releases 5th Consecutive Proof of Reserves and Platform Due Diligence Audit
- Bitbuy exceeds its mandate by holding 94% of customer funds in cold wallet storage, surpassing the required 90%
- Bitbuy scored as a 'Low Risk' platform during an operational assessment
- External review evaluates counterparty risks and client funds held in cold storage, ensuring trust and transparency for users
- None.
Toronto, Ontario--(Newsfile Corp. - November 28, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi") is pleased to announce that Bitbuy Technologies Inc. ("Bitbuy"), a registered crypto asset trading platform wholly owned by WonderFi, has completed its 5th annual "Proof of Reserves & Platform Due Diligence Audit" for 2023. The review was conducted by Blockchain Intelligence Group, an independent third-party and leading blockchain forensics firm.
Key Findings:
- Bitbuy meets and exceeds its mandate requiring
90% of customer funds to be held in cold wallet storage, with each asset being held at a level of at least94% .
- Bitbuy was scored as a "Low Risk" platform during an operational assessment that reviewed business activities, company registration, KYC/AML policies and other criteria.
The 2023 Proof of Reserves & Platform Due Diligence Audit consists of an external review of counterparty risks associated with the operations of Bitbuy, as well as an assessment of client funds held in cold storage. The report also evaluates and scores any risks to the company's operations including regulatory status, jurisdictional risk, adverse media and more.
"Bitbuy's longstanding commitment to provide its users with trust and transparency has been critical to its continued success. As the industry continues to move towards increased regulation and transparency, WonderFi remains committed to providing its users with the trust they deserve," commented WonderFi President and Chief Executive Officer, Dean Skurka.
More details on the Bitbuy's 2023 Proof of Reserves & Platform Due Diligence Audits can be found at the following URLs:
www.bitbuy.ca/proof-of-reserves
www.bitbuy.ca/trust-centre
ABOUT WONDERFI
WonderFi owns, operates, incubates, and invests across the global digital asset ecosystem. They own and operate two of Canada's most well-known and established crypto trading platforms Coinsquare and Bitbuy, as well as SmartPay, a global crypto payment processing platform. WonderFi is also the largest shareholder of Tetra Trust Company, a leading Canadian digital asset custodian.
With a collective user base of over 1.6 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: changes to key personnel; security and cybersecurity threats and hacks; internet and power disruptions; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID-19 pandemic; climate change; currency risk; changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada, the United States, Europe and other jurisdictions in which the Company carries on business or in which the Company may carry on business in the future; 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 March 31, 2023, as well as its annual information form and the joint management circular of WonderFi, Coinsquare and CoinSmart in respect of the Acquisition, available on its SEDAR profile at 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/188865
FAQ
What is the company name and ticker symbol mentioned in the press release?
What are the key findings of Bitbuy's 2023 Proof of Reserves & Platform Due Diligence Audit?
Who conducted the review for Bitbuy's 2023 Proof of Reserves & Platform Due Diligence Audit?
Where can more details on Bitbuy's 2023 Proof of Reserves & Platform Due Diligence Audits be found?
