- WonderFi Labs will develop, incubate and invest in centralized and EVM-compatible decentralized products and protocols that have a global reach
- Initial products to include WonderFi L2, a Layer 2 blockchain built on Ethereum, and WonderFi Wallet, an EVM-compatible non-custodial wallet
Toronto, Ontario--(Newsfile Corp. - July 18, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the "Company" or "WonderFi") today announces the launch of WonderFi Labs, an innovation and development arm focused on decentralized technologies and building future applications to expand the Company's offerings beyond its centralized trading platforms. WonderFi Labs will initially focus on decentralized products and protocols, including the WonderFi Layer 2 blockchain ("WonderFi L2") and the WonderFi Non-Custodial Wallet ("WonderFi Wallet").
Led by WonderFi Vice President of Engineering, Kartik Bajaj, the dedicated engineering, product and design team of WonderFi Labs will develop, incubate and invest in on-chain applications that drive client engagement through the Company's expanding range of channels. An enthusiastic innovator with a strong background in developing smart contracts and creating decentralized financial applications, Mr. Bajaj played a key role in founding WonderFi.
"The introduction of WonderFi Labs will enable the development of a number of innovative on-chain global products that will complement our existing offerings," said Dean Skurka, CEO & President of WonderFi. "It's clear the future of crypto involves on-chain solutions and this will allow WonderFi to remain at the forefront of the industry."
The first products under development by WonderFi Labs will include:
- WonderFi L2, a layer 2 blockchain built on Ethereum that will enable low-cost and fast transactions for a global audience, while leveraging the security of Ethereum
- WonderFi Wallet, an EVM-compatible non-custodial wallet that will connect to the WonderFi L2 and other EVM-compatible Layer 2 blockchains
"Innovation and creativity are the lifeblood of the digital asset industry," said Cong Ly, CTO of WonderFi. "The creation of WonderFi Labs allows us to continue our culture of experimentation and further advances our technological capabilities."
"These products are also in line with our international expansion plan," added Skurka. "With a strong balance sheet in place, we're prioritizing our investment in innovation and growth, and focusing on centralized and decentralized applications that can reach a global audience."
ABOUT WONDERFI
WonderFi is the largest regulated crypto trading platform in Canada and a global leader in centralized and decentralized financial services and products.
With over $1.5B in assets under custody, WonderFi is well-positioned to service crypto participants on a global scale with trading, payments and decentralized products, including purpose-built blockchains and non-custodial wallet applications.
Designed to provide investors with diversified investment exposure across the global digital asset ecosystem, the Company has a proven track record of launching new products and obtaining applicable licenses. It is also the owner of several market-leading brands, including Bitbuy, Coinsquare, SmartPay and Tetra Trust.
As the world continues to move on-chain, WonderFi is strategically placed to capture both market and wallet share through ongoing innovation within the digital asset space.
For more information, visit www.wonder.fi.
This news release constitutes "a designated news release" for the purposes of the Company's prospectus supplement dated December 23, 2022, to its short form base shelf prospectus dated September 7, 2022.
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: taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada 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, decisions to modify, pause or discontinue certain treasury management strategies. 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, 2024, available on its SEDER+ 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216967
