WonderFi announces the expected launch date of Bitbuy Staking

Toronto, Ontario – (Newsfile Corp. – Nov 2, 2022) – WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (FTX: WNDR) (“Business” or “WonderFi“), through its subsidiary Bitbuy Technologies Inc. (“Bitbuy“), today announces that it is the first cryptocurrency trading platform listed on the TSX to obtain approval from the relevant Canadian securities regulators to offer shares to Canadian investors.

What is Bitbuy betting?

Bitbuy Staking, slated to launch on November 28, 2022, will allow users to leverage cryptocurrency balances to earn crypto rewards through chain staking.

Crypto assets tied to proof-of-stake blockchains such as Solana and Ethereum can be tied to a protocol to help verify transactions and secure the network in return for receiving additional crypto assets as rewards.

It is estimated that Bitbuy users will initially be able to wager Solana ($ SOL) for an annual prize rate of 5-7%. It is anticipated that Ethereum ($ ETH) and other assets backed by Proof of Rate will be added in the near future. Bitbuy plans to pay out earned prizes weekly based on the protocol prize rate, which is variable and different for each network.

Why is regulatory approval timely?

The latest data shows that due to the ongoing slowdown in cryptocurrencies and stock markets, investors are increasingly sticking to their cryptocurrencies. Until recently, unregistered platforms were the primary cryptocurrency access option for Canadians. Following a collaboration process between Bitbuy and the relevant Canadian securities regulators, WonderFi is now the first company listed on TSX to receive regulatory approval to offer rates.

“Until recently, Canadian investors were only allowed to bet on unregistered platforms,” ​​explains WonderFi president and interim CEO, Dean Skurka. “As a result, this put an undue risk on Canadian investors and provided limited oversight in the event something went wrong. By working with our regulators and leveraging our third party trustee, BitGo, and our institutional staking provider, Figment, we are focused on reducing counterparty risk to our clients. We’re excited to be able to offer Canadians the opportunity to put their crypto in a regulated and transparent environment. “

BitGo, one of the largest cryptocurrency depositories in the world with over $ 64 billion in assets, is an external custodian that Bitbuy will use when all the wagered assets are held 1: 1. Figment Inc., a leading provider of blockchain infrastructure to institutions with over 200 clients and billions of dollars in assets placed in their verifiers, will provide its clients with Bitbuy services so they can stake their assets with a trusted partner.

“This is a huge milestone for the industry and a step in the right direction to protect the consumer. We are very excited to add that Bitbuy users are protected, ensuring security, protection and availability. BitGo is the only company in the world to offer a comprehensive set of wallet APIs as a service coupled with the power of regulated supervision and betting. In a current economy where global inflation is rising and DeFi returns are unrealistic, many people have chosen to make staking as more reliable way to earn rewards and secure your network, ”says Nuri Chang, vice president of BitGo Product.

Figment CEO Lorien Gabel adds: “This is a decisive moment in the industry. We are delighted to be working with Bitbuy and BitGo to become the first providers of stakeout as a service to be approved by Canadian regulators following approval by Bitbuy to offer their clients stakeout protocol. “

For more information on Bitbuy’s Staking and to be added to the list for first-time access, please visit: www.bitbuy.ca/staking.

Additional information

Legal advisor and chief lawyer:
Adam Garetson
[email protected]

Contact with media / investors:
Binu Koshy, Communications Director
[email protected]

ABOUT WONDERFI

WonderFi is a leading technology company with a mission to create better, unified access to digital resources through centralized and decentralized platforms. WonderFi’s executive team and management have a solid history in finance and cryptocurrency. WonderFi’s core engineering and technologist team believes everyone should have equal access to finance, and is committed to the mission to enable people around the world to access finance simply, intelligently and securely. More information at www.wonder.fi.

ABOUT BITGO

BitGo provides the safest and most scalable solutions for the digital asset economy by offering regulated storage, loans and borrowings, and basic infrastructure to investors and builders alike.

Founded in 2013 – the beginning of cryptocurrency – BitGo pioneered a multi-signature wallet and later built TSS to improve third-party offerings. Between multi-sig and TSS, BitGo offers the most secure technology on the market and protects over 600 tokens across a wide range of blockchains. Over the years, BitGo has expanded from offering wallets to providing an end-to-end solution that allows clients to safely store their assets and then put them to work. BitGo launched the BitGo Trust Company in 2018, providing fully regulated, qualified refrigerators that complement BitGo Inc.’s original Hot Wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow and borrow. Moreover, BitGo also gives you access to DeFi, staking, NFT wallets, and more, and serves as the world’s only maintainer of WBTC or packaged Bitcoin. Today, BitGo is a leader in the security, storage and liquidity of digital assets, providing operational facilities for more than 1,500 institutional clients in over 50 countries – a list that includes many regulated entities and the world’s best cryptocurrency exchanges and platforms. BitGo also processes roughly 20% of all global Bitcoin transactions by value.

ABOUT THE DRAWING

Figment is the world’s leading provider of blockchain infrastructure. Figment has a customer base of over 200 institutions, including direct token holders in venture capital firms, hedge funds, family offices and founding teams, as well as crypto service providers such as wallets, exchanges, trustees and asset managers. Our clients rely on Figment to provide a best-in-class staking service including prize optimization, prize reporting, management and insurance slicing on industry-leading over 60 protocols. Being at the forefront of Web3 development, Figment also enables companies to seamlessly build applications over the vast network of blockchain protocols. Figment is backed by industry experts, financial institutions and recently valued at $ 1.4 billion by leading private equity firm Thoma Bravo. More than 200 Figment teams in 23 countries are focused on supporting our mission to support the adoption, development and long-term success of the Web3 ecosystem. To learn more about Figment, please visit our website at figment.io.

Information and Forward-Looking Statements

This press release contains certain “forward-looking information” as defined in applicable Canadian securities legislation, and may contain statements that may constitute “forward-looking statements” under the safe harbor provisions of the US Securities Litigation Reform Act. 1995. Such forward-looking information and forward-looking statements are not representative of historical facts, information or the present condition, but merely represent the Company’s beliefs about future events, plans or objectives, many of which, by their nature, are intrinsic. uncertain and beyond the control of the Company. Generally, such forward-looking statements or statements can be identified using forward-looking terminology such as “may”, “intend”, “expect”, “believe”, “will”, “predict”, “estimate” or variations. such words.

By identifying such information and representations in this way, the Company warns the reader that such information and representations are subject to known and unknown risks, uncertainties and other factors that could affect the actual results, level of operations, results or achievements of the Company and materially differ from those of the Company. those expressed or implied by such information and statements. In addition, due to the forward-looking and forward-looking statements contained in this press release, the Company has made certain assumptions. Key factors that may cause actual results to differ materially from those anticipated in the forward-looking information and statements include: the Company’s ability to meet the expected betting start date, the types of coins that will be handled, the ability to earn and pay out prizes. any additional regulatory or other approvals that may be additionally required in connection with this, the Company’s ability to work effectively with its partners, and to change general economic, business and political conditions. If one or more of these risks, uncertainties or other factors materialize, or if the assumptions underlying the forward-looking information or statements prove to be incorrect, the actual results may differ materially from those described herein. For a more complete description of the risk factors that may affect our business, financial condition and results of operations, see our management’s discussion and analysis and financial statements for the period ended June 30, 2022, as well as our annual information form, available on SEDAR .

While the Company believes that the assumptions and factors used in its preparation and the expectations contained in the forward-looking information and statements are reasonable, no undue reliance should be placed on such information and statements, and no representation or warranty can be made that such forward-looking information or statements prove accurate as actual results and future events may differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are prepared as of the date of this press release, and the Company makes no commitment to update any forward-looking information and / or forward-looking statements that are contained or mentioned herein, except cases in accordance with the applicable securities regulations. All subsequent written and oral information and forward-looking statements that are attributable to the Company or persons acting on its behalf are expressly covered by this notice in their entirety.

The Toronto Stock Exchange has not endorsed or rejected the information contained in this announcement.

To view a source version of this press release, please visit https://www.newsfilecorp.com/release/142772

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