WonderFi's Bitbuy Subsidiary Announces Acquisition of Bitstamp's Canadian Clients
Vancouver, BC, April 29, 2024--(T-Net)--WonderFi Technologies Inc. (TSX: WNDR), a leading operator of regulated crypto trading platforms and other digital asset businesses in Canada, today announced that its wholly owned subsidiary Bitbuy Technologies has purchased the Canadian clients of Bitstamp.
Bitstamp is the world's longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011.
All financial references are in Canadian dollars unless otherwise noted.
Bitbuy has acquired the 110,000+ Canadian client accounts of Bitstamp. The transaction was completed by way of a business transfer agreement.
Key Details and Other Information Include:
- Bitbuy has acquired Bitstamp's Canadian client accounts, comprising of both retail and institutional client accounts.
- WonderFi anticipates nominal incremental operating costs to service the client accounts on a go-forward basis.
- Bitbuy will share a portion of the revenues from the acquired business.
Dean Skurka, President and Chief Executive Officer, WonderFi
"We are excited to welcome Bitstamp's Canadian clients to the WonderFi ecosystem," said WonderFi President and Chief Executive Officer, Dean Skurka. "The non-dilutive acquisition of Bitstamp's Canadian clients, following the announcement of our expansion into Australia, is consistent with WonderFi's disciplined approach of pursuing growth opportunities on its platforms," added Mr. Skurka.
ABOUT WONDERFI
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 1.75 Million registered Canadians and a combined assets under custody exceeding $1.5 Billion, WonderFi serves one of the largest crypto investor communities in Canada.
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. [ MORE ]
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. In this news release, forward looking-statements relate to, among other things, statements relating to the timing for the completion of the Offering and Concurrent Block Trade, the expected use of proceeds from the Offering, and the ability of the Company list the Warrants. 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 ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. 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. 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.
Neither NEO Exchange nor its Regulation Services Provider (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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