The following is a transcript of WonderFi Technologies Inc. AMA session on June 12, 2024
CEO.CA would like to welcome Dean Skurka, President and CEO of WonderFi Technologies Inc. to today’s Ask Me Anything session. Dean, can we start with a quick overview of the company?
Thanks so much for joining everyone! WonderFi owns and operates Bitbuy and Coinsquare, two leading domestic crypto platforms with strongholds in the Canadian market; WonderFi operates Internationally through its expansion in Australia, as well as through Smartpay, its global crypto payments platform.
With a collective user base of over 1.7 Million registered Canadians and a combined assets under custody exceeding $1.5 Billion, WonderFi serves one of the largest crypto investor communities in Canada.
What's the plan for product innovation? Will stock trading be an option to launch now that the entire company is governed under CIRO?
Over the past year, WonderFi has executed on its strategy of migrating 1.7m users from the 5 trading platforms it acquired, including the Bitstamp users, into a single tech infrastructure within our CIRO dealer member. Having now completed this process, and operating two industry leading brands, Bitbuy and Coinsquare, we are now firmly focused on product and feature development. As a CIRO dealer member, new products such as stock trading require regulatory approvals – we are pursuing the approvals to be able to launch equities trading, and many other exciting new features and products.
Will the company ever consider building out a Web3 product or will they only be doing centralized exchanges?
It is clear that a growing number of crypto users have become more comfortable interacting on-chain. WonderFi is well positioned, with its 1.7 million Canadian users, and $1.5 billion of AUC, to extend our offering to capture on-chain activity. We are currently evaluating the different ways we can offer regulated on-chain experiences, and we are committed to growing our offerings with the trends of the industry.
When will Australia launch officially and is there any updates on it?
We have been making strong progress behind the scenes relating to our Australia acquisition earlier this year. We have put together a strong team, including a local presence within Australia, to support our growth initiatives in this market. We believe that we are well-positioned to have an impact in this market, which will set the stage for WonderFi to continue to expand internationally into other new markets. There will be an official update on our Australia launch soon!
Will there be a share consolidation in the future? They won't be able to get on Nasdaq without doing that, and there's not enough liquidity here to scoop all these shares. Way too many out for a Canadian small cap company.
We are always exploring ways to provide value to our shareholders and will consider whatever corporate actions are needed to accomplish that. We recently announced an NCIB that is currently active. We will continue to evaluate other strategies, including potential US listings as we can continue to grow our business and drive further awareness to the story.
What is Management’s / the Board’s plan / strategy to boost the share price and increase shareholder value?
Over the past two-years, WonderFi has consolidated five crypto trading platforms in Canada, and acquired the Canadian userbase from Bitstamp. Through this consolidation strategy, WonderFi now has 1.7 million registered users in Canada, with a total client asset base exceeding $1.5 billion. This has positioned WonderFi as the clear market leader in Canada.
We’ve increased our quarterly revenue from $2.9M to over $10M per quarter.
We continue to focus on driving awareness to our story and attracting a larger investor base. At the same time, we have clear international growth strategies being implemented in the near-term and have an exciting product roadmap that we can focus on now that our integration strategy has been completed with Bitbuy’s migration to the CIRO dealer member.
I am very encouraged by our potential to drive shareholder value moving forward, and believe that this will reflect on our perception in the market, and ultimately our share price.
Thanks so much Dean! Any closing remarks for our investors?
WonderFi is well positioned as a market leader in the exciting and fast-growing crypto industry. We have established brands, a strong balance sheet, and international expansion efforts underway. With an exciting product roadmap established, we are poised to continue our growth efforts and focus on driving continued awareness and attracting additional investors. We appreciate all of the community support on CEO.ca and I look forward to doing another AMA soon!
