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Crypto Trading Platform Operator WonderFi Announces Acquisition of FX Institutions Pty, Plans Expansion into Australia
Tuesday, March 19, 2024Company Profile | Follow Company
Vancouver, BC, March 19, 2024--(T-Net)--WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF), a leading operator of regulated Canadian crypto trading platforms, today announced they have reached an agreement to purchase FX Institutions Pty. Ltd. ("FXI") in a non-dilutive transaction, subject to regulatory approval.
FXI is registered in Australia to offer crypto trading and payment remittances within the region.
WonderFi says it is a "consolidator" in the crypto industry, and wholly owns and operates two of Canada's largest regulated crypto trading platforms, Bitbuy and Coinsquare, as well as its global crypto payments business, SmartPay.
After acquiring and consolidating the clients of five of the eleven registered crypto trading platforms in Canada, WonderFi says it continues to validate the Company's strategy of attracting trading volume, staking activity and total client assets to its crypto trading platforms.
WonderFi, through FXI, will launch over-the-counter (OTC) trading services in Australia in Q2 2024, with plans to roll out a comprehensive suite of offerings for retail and institutional traders in Q3 2024.
Tim Lo, recently appointed as Head of Sales in the Asia-Pacific (APAC) region, will spearhead the go-to-market strategy in Australia.
Mr. Lo brings a wealth of expertise from both the crypto and traditional finance sectors, having held positions at institutions such as Deutsche Bank, HSBC, BTIG, and TPS Capital.
Dean Skurka, President and Chief Executive Officer, WonderFi
"WonderFi announced our upcoming launch of a regulated crypto trading offering for Australian investors. With its high cryptocurrency adoption rates and vibrant digital asset community, the Australian market has tremendous potential for WonderFi. Our established track record and extensive experience growing two of the largest regulated crypto platforms in Canada, including obtaining registration for two of our businesses to offer crypto-staking, provides a solid foundation for international expansion," said WonderFi President & CEO, Dean Skurka.
The Company's OTC crypto desk in Canada offers large trade execution with a $50,000 minimum for Bitcoin, Ethereum and other digital assets, in addition to white glove service, no deposit or withdrawal fees, same-day fiat currency funding, and institutional grade security.
WonderFi said in a release that its crypto trading platforms have facilitated over $7B of OTC transactional volume.
As of 2023, Australia boasted the highest rate of cryptocurrency adoption among developed nations, standing at 23%, and ranked 8th globally in terms of crypto adoption, according to Statista. This compares to an estimated 16% in the United States and 12% in the UK.
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 ] |
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