WonderFi Technologies Inc.
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  • WonderFi (WNDR), through its subsidiary Bitbuy Technologies, has received regulatory approval to offer staking
  • The company expects to launch Bitbuy Staking by November 28, 2022
  • It will allow its users to leverage their crypto balances to earn crypto rewards through on-chain staking
  • WonderFi provides unified access to digital assets, including crypto, DeFi, gaming, and NFTs, in a compliant and regulated environment
  • WonderFi Technologies Inc. (WNDR) is up 4.00 per cent, trading at C$0.26 per share at 2:50 pm ET

WonderFi (WNDR), through its subsidiary Bitbuy Technologies, has received regulatory approval to offer staking.

This makes WonderFi the first TSX-listed company to receive approval from applicable Canadian securities regulators to offer staking to Canadian investors.

The company expects to launch Bitbuy Staking by November 28, 2022. It will allow its users to leverage their crypto balances to earn crypto rewards through on-chain staking.

Crypto assets associated with proof-of-stake blockchains such as Solana and Ethereum may be bonded to the protocol to help validate transactions and secure the network in exchange for receiving additional crypto assets as a reward.

At launch, it is estimated that Bitbuy users will be able to stake Solana ($SOL) for an annualized reward rate of 5-7 per cent. Ethereum ($ETH) staking and other proof-of-stake supported assets are anticipated to be added in the near term. Bitbuy plans to pay earned rewards weekly calculated from the protocol reward rate, which is variable and different for each network.

BitGo, one of the largest crypto custodians in the world with over approximately $64 billion USD in assets under custody, is the third-party custodian that Bitbuy will use, with all staked assets being held at a 1:1 ratio. Figment Inc., a leading provider of blockchain infrastructure for institutions with 200+ clients and billions of dollars of assets staked to their validators will provide Bitbuy services for its clients to stake their assets with a trusted partner.

WonderFi provides unified access to digital assets, including crypto, DeFi, gaming, and NFTs, in a compliant and regulated environment.

WonderFi Technologies Inc. (WNDR) is up 4.00 per cent, trading at C$0.26 per share at 2:50 pm ET.


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