Toronto, Ontario--(Newsfile Corp. - May 24, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi"), through its subsidiary Bitbuy Technologies Inc. ("Bitbuy"), is excited to announce OTC Desk supported staking. The first service of its kind in Canada allows Bitbuy's Individual, Corporate, and Institutional clients to stake their crypto assets with the assistance from their personal Bitbuy Private Wealth Account Manager.
Staking involves temporarily locking up a certain amount of cryptocurrency, which serves as a "stake" or collateral. In return for staking their coins, participants can earn rewards or returns in the form of additional crypto tokens. Staking has become increasingly popular as a way to earn passive income within the cryptocurrency space. Bitbuy is one of only three regulated crypto-trading platforms in Canada authorized to stake crypto.
Bitbuy Private Wealth's "white-glove"approach to staking ensures that clients receive the same level of expertise and personal support they have come to expect when trading crypto through the OTC desk.
The service is open to investors with a minimum investment of $25,000. Clients can stake the following coins through the desk: Ethereum ("ETH"), Solana ("SOL"), Polygon ("MATIC"), Polkadot ("DOT").
Since its launch on November 28, 2022, staking has gained significant traction among crypto investors with approximately 39% of monthly active Bitbuy users staking their crypto as of May 1, 2023. Broken out by token, 15% of ETH, 39% of SOL, 54% of MATIC, and 52% of DOT client assets are now being staked.
"Staking is a great product for Bitbuy Private Wealth clients looking to earn additional returns on their investable assets," said Bitbuy Vice President of Sales, Jeff Fitzgerald. "The OTC desk figured it only made sense to be able to stake on behalf of our clients in the same fashion we trade. Our clients feel the same and are happy to add this service to our white-glove offering."
To capitalize on the growing interest in crypto staking, Bitbuy has launched a national marketing campaign featuring Bitbuy Brand Ambassador, Scottie Barnes. The campaign comprises a 30-second TV commercial broadcasted on BNN Bloomberg, TSN, and Sportsnet, as well as a social media campaign on Twitter, Instagram, and TikTok.
Bitbuy continues to innovate and provide its clients with secure solutions to meet their evolving needs. The introduction of OTC Desk supported staking underscores Bitbuy's commitment to delivering exceptional services and maximizing the potential of digital asset investments for its valued clients.
To learn more about Bitbuy Private Wealth's crypto staking service, call 1-888-770-COIN or visit https://bitbuy.ca/institutional-staking.
Additional Information
For additional information, please contact:
WonderFi President and Interim CEO
Dean Skurka
dean.skurka@wonder.fi
WonderFi Media / Investor Relations
Binu Koshy, Communications Director
binu@wonder.fi
Bitbuy Private Wealth / Corporate Solutions
Jeff Fitzgerald, Vice President of Sales
jeff.fitzgerald@bitbuy.ca
ABOUT WONDERFI
WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through its two Canadian owned and operated, fully registered crypto-trading platforms Bitbuy and Coinberry. Bitbuy is Canada's first registered digital asset marketplace, boasting over 400,000 registered users, and serving both beginner and advanced traders, institutions, and corporate clients. Coinberry, with a user base of over 200,000, is designed for crypto novices and retail traders. Going forward, WonderFi is dedicated to providing its users with access to new regulated verticals designed to generate modern wealth. To learn more about WonderFi, please visit www.wonder.fi.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" 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 Company's beliefs 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", "estimated", 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 types of coins that will be supported in Bitbuy Staking, the ability to earn and pay rewards, any additional regulatory or other approvals which may further become required in connection therewith, the ability of the Company to work effectively with its partners and changes in general economic, business and political conditions. 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. While crypto asset trading platforms that operate in Canada are required to comply with Canadian securities law requirements, registration cannot eliminate all risks associated with crypto asset trading. Investors may wish to seek advice from a registered investment advisor about investing. A more fulsome description of risk factors that may impact our business, financial condition and results of operation is set out in our management's discussion and analysis and financial statements for the for the period ended March 31, 2023, as well as our annual information form, available on SEDAR.
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.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.
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