Institutional Investors Continue Warming Up To Cryptocurrencies - Seite 2

"Until recently, Canadian investors only had the option to stake on unregistered platforms," said WonderFi 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 estimates that Bitbuy users will be able to stake Solana for an annualized reward rate of 5-7%. The company expects Ethereum 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.

In response to market trends, user demand, and lifting gaming restrictions, WonderFi Technologies announced new organizational changes to expand product offerings and maximize the revenue potential from its 600,000 customers in Canada.

Leading the organizational change is Dean Skurka, who will become Chief Executive Officer of WonderFi, effective immediately. Skurka formerly served as President of Bitbuy and was instrumental in the company increasing its registered users from 2,600 in 2018 to over 400,000 in 2021 and driving annual revenues from less than $1 million to over $32 million during the same period. In December 2021, Bitbuy became the first regulated crypto marketplace in Canada through the OSC and CSA's exemptive relief program and facilitated over $4 billion in trading volume last year.

Ben Samaroo will remain on WonderFi's Board of Directors to provide continuity to WonderFi with its key stakeholders, regulators and in relation to strategic activities and capital markets.

Apart from making significant investments in the crypto space this year, WonderFi Technologies is expanding into traditional financial assets. The company's subsidiary Bitbuy Technologies recently partnered with AlpacaDB, Inc. to enable Bitbuy to offer its users fractional trading and investing in most of US stocks and exchange-traded funds (ETFs) in an integrated experience within the existing Bitbuy platform. Alpaca is a developer-first embedded financial technologies platform that offers crypto and stock trading, market data, and end-to-end brokerage infrastructure through modern APIs.