Institutional Investors Continue Warming Up To Cryptocurrencies

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NEW YORK, Nov. 2, 2022 /PRNewswire/ -- The 'smart money' continues to pile into crypto as a portfolio diversification strategy. Nowadays, family offices, hedge funds, and legacy money managers have a very different sentiment on crypto products and services, considering that a whopping $17 billion worth of institutional capital was poured into the space this year alone. Just last month, Apollo Capital, a fund manager with over $500 billion in assets under management, launched the Apollo Capital Frontier Fund, which will focus on NFT infrastructure, decentralized finance and multichain infrastructure. And financial heavyweights Charles Schwab, Citadel Securities and Fidelity Investments, also announced the launch of a new crypto exchange, EDX Markets. Although there is a lot of pent-up demand from institutional investors to participate in the digital asset class, most aren't able to access the ecosystem directly, making companies like Coinbase Global, Inc. (NASDAQ:COIN), Hut 8 Mining Corp. (NASDAQ:HUT) (TSX:HUT), CleanSpark (NASDAQ:CLSK), Citigroup Inc. (NYSE:C) and WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) which can provide that access attractive to investors.

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.

On November 2, WonderFi Technologies 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.