Vancouver, British Columbia--(Newsfile Corp. - May 16, 2022) - WonderFi Technologies Inc. (NEO: WNDR) (OTC Pink: WONDF) (WKN: A3C166) (FTX: WNDR) (the "Company" or "WonderFi") today announced its second quarter 2022 financial results for the period ended March 31, 2022. All financial references are in Canadian dollars unless otherwise noted. Financial Highlights: -- WonderFi has commenced revenue generation through its acquisition of Bitbuy on March 25, 2022
-- Total assets as of March 31, 2022 were $598 million, including $18.8 million in cash and $20.6 million in crypto assets, as well as $412 million of AUC for customers
-- Cash used in operating activities, excluding one-time transaction costs related to the Bitbuy acquisition, of $4.1 million for the quarter ended March 31, 2022
-- Total loss and comprehensive loss of $14 million for the quarter ended March 31, 2022 Operating Highlights: -- Closed acquisition of Bitbuy on March 25, 2022
-- Completed "bought deal" public offering for aggregate gross proceeds of $45 million Subsequent to March 31, 2022 -- Signed definitive agreement to acquire Coinberry Limited ("Coinberry") on April 18, 2022
-- On closing of the acquisition, WonderFi will house one of the largest communities of Web3 users in Canada with over 750,000 users "WonderFi's second quarter was marked by the transformative acquisition of Bitbuy, which immediately positions the company as one the leading regulated crypto exchange businesses in Canada. The signing of the definitive agreement to acquire Coinberry so soon after the closing of the Bitbuy transaction will further add to the company's leadership position within the industry and we are excited for what the future holds as we integrate all of our businesses to continue our rapid user acquisition growth and explore ways to unlock cost synergy opportunities, " said Ben Samaroo, CEO of WonderFi. Summary of Financial Results for the Quarter ended March 31, 2022 Revenues were $254K for the three and six months ended March 31, 2022, compared to $nil for the same three and six month ended period in 2021. The increase in revenue was due to the acquisition of Bitbuy and represents the activity of Bitbuy from March 25, 2022, to March 31, 2022. The Company's operating expenses were $14.1 million and $19.4 million for the three and six months ended March 31, 2022, respectively, compared to $439K for the period from January 30, 2021, the Company's incorporation date, to March 31, 2021. The operating expenses increased for the three and six months ended March 31, 2022, compared to the respective prior periods as spending on labour, marketing and software development increased to support the Company's business expansion. Of total operating costs, one-time expenses of $7.9 million and $10.2 million for professional and consulting fees were incurred for the three and six months ended March 31, 2022, respectively, related to the acquisition of Bitbuy and the $45 million "bought deal" financing. Out of the one-time costs for the Bitbuy acquisition, $5.5 million was paid through shares. Finally, non-cash share-based payments of $2.6 million and $3.5 million, respectively, for the three and six months ended March 31, 2022, were related to the issuance of stock options and RSUs to employees, directors, and external consultants. Access to Financial Statements and Management Discussion and Analysis Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval (SEDAR), the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com. Additional Information For additional information, please contact: WonderFi Technologies Inc. Ben Samaroo, CEO email@example.com (778) 843-9637 Investor Relations Contact: firstname.lastname@example.org Media Contact: email@example.com ABOUT WONDERFI WonderFi is a leading technology company with the mission of creating better access to digital assets through compliant centralized and decentralized platforms. WonderFi provides unified access to digital assets including crypto, DeFi, gaming and NFTs, in a compliant and regulated environment. WonderFi's executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
Shark Tank's Kevin O'Leary Goes All In on Wonderfi Technologies
Kevin O’Leary knows a thing or two about investments. The entrepreneur has been an early investor to many successful ventures. A trait he is so good at, he stars on the hit TV show Shark Tank. His latest investment allows consumers to gain exposure to the latest craze within the cryptocurrency space: Decentralized Finance (or DeFi). The company he believes has the competitive advantage and saw opportunity to become a strategic investor in is WonderFi Technologies Inc. (which recently started trading on the NEO stock exchange under the ticker symbol NEO: WNDR)
So what is Decentralized Finance?
DeFi is an umbrella term for financial applications that cut the middleman out of traditional finance. The way WonderFi is using the application is for consumers to write their own contracts within the crypto space and have the compliant reporting associated with their investments.
A large reason that crypto has not been adopted by institutions or individuals is because of the lack of infrastructure for compliance. WonderFi provides reporting which includes the yield instrument, capital gain or interest, and remains compliant for the tax jurisdiction investors are within.
One attraction of this proprietary platform for investors is the ease of use and simplified interface. Another, is the exposure and ability to earn interest on crypto holdings. WonderFi has a large portfolio of crypto currencies (such as the main suspects: Bitcoin (BTC) and Ethereum (ETH)). Lastly, WonderFi is also actively looking for valuable assets to acquire.
Another competitive advantage of WonderFi has a clue in its name. Using the Mr. Wonderful effect and his large following, notoriously difficult consumer acquisition becomes slightly easier.
Will you follow Kevin O’Leary into DeFi? Watch the full interview with Mr. Wonderful to understand exactly what DeFi is and how WonderFi operates in the space.
Dow Jones Decentralized Finance Goes Mainstream with MiamiCoin 09/27/2021 08:54 AM ET Sep 27, 2021 (Financial News Media via COMTEX News Network) -- FN Media Group Presents Microsmallcap.com Market Commentary New York, NY - September 27, 2021 – Cryptocurrencies aren't just the future of finance, they're here – now. Cities are now getting in on the crypto action, most notably Miami and its MiamiCoin. MiamiCoin is the first CityCoin, which is a city-based token. The city of Miami recently voted to approve accessing approximately $5 million worth of the cryptocurrency. The coin is a new way of funding government projects and that elected leaders can use to improve quality of life for city residents. One of the major hurdles for cryptocurrency was building understanding and acceptance for the business and political sphere. Now, cities are getting on board with cryptocurrencies as a way to fund their municipal budgets and change the lives of citizens. The companies helping facilitate this wave of change are moving the needle of progress faster now. Some leaders like WonderFi Technologies Inc. (OTCPK:WONDF) (NEO:WNDR), Coinbase (NASDAQ:COIN), MicroStrategy (NASDAQ:MSTR), Riot Blockchain Inc. (NASDAQ:RIOT), and Mobilum Technologies Inc. (OTCPK:MBLMF) are developing the tools and blockchain technologies that will underpin future financial infrastructure for governments around the world. Stablecoins Key to WonderFi's Strategy and Future DeFi Applications – WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF), the namesake decentralized finance company of Shark Tank star and investor Kevin O'Leary, is making the wild-west environment of cryptocurrencies safe, simple, and accessible for investors around the world, from retail, to institutional. The company aims to bring together multiple applications and features to simplify the world of decentralized finance. Currently, with many brokers, wallets, and blockchains to choose from, the selection alone can be overwhelming. WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF) instead has a platform that â??â??allows users to access the best parts of DeFi without the level of complexity that you encounter on 99% of the platforms within the space. The company understands that decentralized finance is critical to unlocking the potential of the global financial system and bringing the underbanked into a new system. Stablecoins are part of this strategy, as they can be tied to a fiat currency to ensure their stability. WonderFi is planning to use stablecoins are part of its treasury management strategy. WonderFi intends to utilize certain stablecoins including USDC and DAI, and the Company will review performance, risks, and new developments in the area on an ongoing basis to continue to optimize its treasury management. Stablecoins including USDC and DAI will be used to review performance, risks, and new development in the treasury management area on an ongoing basis. This will help the company optimize its treasury management for the future. WonderFi also recently announced that its shares listed in the United States on the OTC Market under the symbol WONDF are eligible for electronic clearing and settlement through the Depository Trust Company in the United States. The automated system lowers costs and improves accuracy, giving investors in the US a better process and order execution for WonderFi shares. For more information about WonderFi Technologies Inc. (NEO:WNDR) (OTC:WONDF), click here. An Industry Moving the Decentralized, Freedom-Focused Agenda Forward Coinbase (NASDAQ:COIN) is one of the biggest names and most popular exchanges in the cryptocurrency sector. On September 15, Coinbase filed an application with the National Futures Association to register as a futures commission merchant. The company wants to begin trading cryptocurrency derivatives, and this is a critical first step. Cryptocurrency futures and options are a big market, and Coinbase has not included the option in its product offerings yet. This changes the company's range of products and services to branch out and capitalize on what has become a large market. Major software companies like MicroStrategy (NASDAQ:MSTR) are also building large cryptocurrency holdings as they realize the benefits of decentralized finance. The company recently purchased an additional $250 million in Bitcoin (BTC) increasing its total holdings to approximately $5.1 billlion. The company's strategy is to buy Bitcoin with excess cash and simultaneously develop the software business. This latest purchase of 5,050 coins at an average price of $48,099 makes MicroStrategy the biggest corporate investor in cryptocurrency. â??â??Riot Blockchain Inc. (NASDAQ:RIOT) is one of the industry leaders in bitcoin mining and hosting, and its operational update is showing investors it has continued to increase production. Bitcoin production for August 2021 was 441 BTC, versus just 80 BTC in the same month the year before. The company is focusing on increasing production this year, and has already produced a total 2,051 BTC, a 221% increase over the same production period in 2020 of 639 BTC. Mobilum Technologies Inc. (OTC:MBLMF) is breaking new records, announcing Total Transaction volumes of $7.7 million in August 2021, a 44% jump from September. The company aims to make traditional finance accessible through completely compliant digital payment infrastructure and digital asset management. Mobilum, like WonderFi and its peers, is advancing the mission of decentralized finance for the masses. As cities, governments, and people around the world continue to discover and access decentralized finance products, WonderFi, and its industry peers are building the tools to make finance more accessible, secure, and simple. DISCLAIMER: Microsmallcap.com (MSC) is the s
Dow Jones WonderFi Deploys Ethereum Validator Nodes 09/27/2021 09:01 AM ET Vancouver, British Columbia, Sep 27, 2021 (Newsfile Corp via COMTEX News Network) -- Vancouver, British Columbia--(Newsfile Corp. - September 27, 2021) - WonderFi Technologies Inc. (NEO: WNDR) (OTC: WONDF) (the "Company" or "WonderFi") today announced that it has established and deployed proof of stake (PoS) validator nodes on the Ethereum network, as part of its continued decentralized finance (DeFi) infrastructure and portfolio management strategy. "Validator nodes play a crucial role in securing the networks that power DeFi, while providing yield on the staked assets" commented Cong Ly, CTO of WonderFi. Currently staking ETH through a validator node yields approximately 6% APY on the staked assets. Blockchain protocols that use PoS consensus mechanisms are supported by validator nodes that play a critical role in securing the network and validating transactions. PoS requires participants to stake ETH to become a validator on the network. Validators are responsible for ordering transactions and creating new blocks, earning block rewards in return for providing this work. The Company will deploy best practices in managing, updating and operating its validator nodes, and evaluate the performance and potential for additional PoS-related opportunities across relevant networks that power decentralized finance. Additional InformationFor additional information, please contact: WonderFi Technologies Inc.Ben Samaroo, CEOben@wonder.fi(778) 843-9637 Investor Relations Contact: firstname.lastname@example.org Media Contact: email@example.com ABOUT WONDERFI WonderFi is a leading technology company with the mission of creating better access to DeFi through the core principles of simplicity and education. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets. WonderFi's executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital, Hut 8 and BIGG Digital. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access DeFi in a simple, smart and secure way. For more information, visit www.wonder.fi. Forward-Looking Information and Statements This press release contain