- Successful investment generated 61,720 of unrestricted Solana, realizing a profit of $6.7M to be recognized inQ4 2023.
- Coinsquare now provides staking for Ethereum, Solana, Cardano and 4 other leading proof-of-stake cryptocurrencies and follows the successful launch in 2022 of staking on WonderFi's other registered crypto trading platform Bitbuy.
- WonderFi will support the product launch by staking a portion of the Solana from its successful investment.
Toronto, Ontario--(Newsfile Corp. - February 26, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the "Company" or "WonderFi"), Canada's leading operator of regulated crypto trading platforms and other digital asset businesses, is pleased to announce that it has generated net proceeds of 61,720 unrestricted Solana relating to certain investments, while its subsidiary Coinsquare has launched an extensive offering of crypto staking services in Canada that has seen over $3.5M staked in the first days of the launch.
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.
Solana is a Proof-of-Stake layer 1 protocol that is focused on high-speed settlement creating incredibly fast and cheap alternatives to other layer 1 protocols including Ethereum. With strong infrastructure and an effective go-to-market strategy, Solana has been able to catapult into the fifth largest cryptocurrency by market capitalization.
Realizing the Solana from our investment and launching staking on Coinsquare both serve as examples of the many ways we create shareholder value through our continued investment across the digital asset industry. WonderFi expects to receive another distribution in March in excess of $1M related to the same investment.
Crypto staking, a process that allows users to earn rewards by actively participating in the validation of blockchain networks, has gained significant traction as a popular method for crypto investors to generate passive rewards.
Christopher Pollock, President of Coinsquare, shared that "we are incredibly excited to be one of only four registered platforms for Canadians to earn staking rewards on their crypto assets. Staking is an important and unique part of the crypto ecosystem, successfully utilized by millions of crypto investors around the globe, and we're excited that our 600,000+ users can now earn crypto rewards passively in conjunction with their core investment. WonderFi will be staking Solana from its successful investment on Coinsquare as a vote of confidence in its staking offering."
Coinsquare's staking offering will have variable staking rewards rates of up to 11.23% and has the largest selection of stakeable assets of any CIRO dealer member including Ethereum, Solana, and Cardano. Coinsquare users can now log into their account and start the process of staking their assets.
Notable investor KevinO'Leary shares "my investment thesis in holding WonderFi is that Crypto currencies and digital payments systems will continue to gain market share in the Canadian financial services sector, and Iwant equity exposure to the regulated infrastructure that supports them. Iremain a committed WonderFi shareholder because the Company has emerged as the Canadian leader now that the Crypto Cowboys have all been regulated or litigated out of existence."
For more information about Coinsquare's staking offering, visit Coinsquare.com/staking.
ABOUT WONDERFI
WonderFi owns and operates leading digital asset businesses in Canada. WonderFi is the holding company for Bitbuy and Coinsquare, two of Canada's largest regulated crypto trading platforms and SmartPay, a crypto payments processing platform.
With a collective user base of over 1.6 Million registered Canadians and a combined assets under custody exceeding $1 Billion, WonderFi serves one of the largest crypto investor communities in Canada.
For more information, visit www.wonder.fi.
Additional Information
For additional information, please contact:
Media / Investor Relations
Charlie Aikenhead
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.
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 inability of the Company to meet its expected growth targets with respect to its Coinsquare staking offering, which may be subject to market conditions and regulatory or other approvals which may be required in connection therewith; the inability to maintain current levels of user growth due to competition and cyclical market conditions; the inability of the Company to realize its expected future distributions from its investments; 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.
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.
The company has provided an updated outlook for the purpose of presenting information about current expectations for the periods presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release. Except as may be required by applicable law, WonderFi disclaims any obligation to update or revise any forward-looking statements.
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