$WONDF Recent news continues to get me excited about this company..
Bitbuy to Become First Registered Crypto-Trading Platform to Offer Staking of Polkadot ("DOT")
Press Release | 02/10/2023
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi"), through its subsidiary Bitbuy Technologies Inc. ("Bitbuy"), is excited to announce that on Monday, February 13, Bitbuy will become the first registered crypto-trading platform in Canada to offer on-chain staking of Polkadot ("DOT").
Bitbuy Staking enables users to leverage their crypto balances to earn crypto rewards through on-chain staking. Bitbuy calculates rewards earned on a weekly basis, using the variable reward rate set by each individual network.
With the upcoming addition of Polkadot, Canadian investors will soon be able to stake four tokens through Bitbuy with Ethereum ("ETH"), Solana ("SOL"), and Polygon ("MATIC") already available on its platform.
Since its launch on November 28, 2022, crypto investors have embraced Bitbuy Staking, with approximately 26% of monthly active Bitbuy users now staking their crypto. The platform reported a 38% monthly increase in total number of users staking, representing an 85% increase in total Canadian dollar value staked in January. Currently, approximately 43% of MATIC and 27% of SOL client assets on the platform are being staked.
Bitbuy uses BitGo Trust Company, Inc. ("BitGo") to custody all staked assets at a 1:1 ratio. BitGo, one of the world's largest crypto custodians, has reported over $64 billion USD in assets under custody. Figment Inc. provides Bitbuy's clients with the ability to stake their assets with a trusted partner, boasting 200+ clients and billions of dollars of assets already staked to their validators.
"Bitbuy is one of the select registered platforms in Canada to offer staking, and as seen recently, there can be significant risks for Canadians when using non-registered platforms," explains WonderFi President and Interim CEO, Dean Skurka. "Simply put, Bitbuy is the Canadian leader when it comes to crypto staking, and that's a great place to be as investors are looking for new and innovative ways to generate 'Modern Wealth'."
