WonderFi Generates $8.8M of Solana From Investment, While Coinsquare Launches Long Anticipated Crypto Staking
- Successful investment generated 61,720 of unrestricted Solana, realizing a profit of $6.7M to be recognized in Q4 2023.
- Coinsquare now provides staking for Ethereum, Solana, Cardano and 4 other leading proof-of-stake cryptocurrencies and follows the successful launch in 2022 of staking on WonderFi's other registered crypto trading platform Bitbuy.
- WonderFi will support the product launch by staking a portion of the Solana from its successful investment.
Vancouver, BC, March 6, 2024--(T-Net)--WonderFi Technologies Inc. (TSX: WNDR), Canada's leading operator of regulated crypto trading platforms and other digital asset businesses, announced that it has generated net proceeds of 61,720 unrestricted Solana relating to certain investments, while its subsidiary Coinsquare has launched an extensive offering of crypto staking services in Canada that has seen over $3.5M staked in the first days of the launch.
Solana is a Proof-of-Stake layer 1 protocol that is focused on high-speed settlement creating incredibly fast and cheap alternatives to other layer 1 protocols including Ethereum. With strong infrastructure and an effective go-to-market strategy, Solana has been able to catapult into the fifth largest cryptocurrency by market capitalization.
Realizing the Solana from their investment and launching staking on Coinsquare both serve as examples of the ways the company says it can create shareholder value through their continued investment across the digital asset industry.
WonderFi expects to receive another distribution in March in excess of $1M related to the same investment.
Crypto staking, a process that allows users to earn rewards by actively participating in the validation of blockchain networks, has gained significant traction as a popular method for crypto investors to generate passive rewards.
Christopher Pollock, President of Coinsquare, shared that "we are incredibly excited to be one of only four registered platforms for Canadians to earn staking rewards on their crypto assets. Staking is an important and unique part of the crypto ecosystem, successfully utilized by millions of crypto investors around the globe, and we're excited that our 600,000+ users can now earn crypto rewards passively in conjunction with their core investment. WonderFi will be staking Solana from its successful investment on Coinsquare as a vote of confidence in its staking offering."
Coinsquare's staking offering will have variable staking rewards rates of up to 11.23% and has the largest selection of stakeable assets of any CIRO dealer member including Ethereum, Solana, and Cardano. Coinsquare users can now log into their account and start the process of staking their assets.
Kevin O'Leary, Strategic Investor, WonderFi
Notable investor Kevin O'Leary shares "my investment thesis in holding WonderFi is that Crypto currencies and digital payments systems will continue to gain market share in the Canadian financial services sector, and I want equity exposure to the regulated infrastructure that supports them. I remain a committed WonderFi shareholder because the Company has emerged as the Canadian leader now that the Crypto Cowboys have all been regulated or litigated out of existence."
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.
|