The 2024 U.S. elections are set to be pivotal in shaping the future of cryptocurrency regulation, as the crypto industry has become a significant political force, contributing heavily to campaign funds. Key congressional races, like Ohio’s, could steer the direction of policies on market structure and financial innovation, with Democrats and Republicans reconsidering their crypto stances to attract voters. The crypto sector is advocating for clearer regulations that balance innovation with consumer protection. Meanwhile, SEC Chair Gary Gensler has criticized the crypto space as “rife with fraud” and urged adherence to existing financial regulations. As political contributions surge, with Donald Trump adopting a pro-crypto stance and the Biden administration tightening regulations on exchanges like FTX and Binance, the debate underscores how high the stakes are for crypto’s future globally. With the U.S. election spotlighting crypto regulation, firms like WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) stand to benefit. As debates on policy and compliance dominate discussions, regulated companies such as WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF), Coinbase Global, Inc. (NASDAQ:COIN), and DeFi Technologies Inc. (CBOE CA:DEFI) (OTC:DEFTF) may find opportunities to expand. The heightened focus on clear regulatory frameworks could also boost performance for Bitcoin ETFs like iShares Bitcoin Trust ETF (NASDAQ:IBIT) and Bitwise Bitcoin ETF Trust (NYSE Arca:BITB).
WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF) stands as Canada’s largest regulated crypto trading platform and a prominent global leader in both centralized and decentralized financial services. With assets under custody surpassing $1.35 billion, WonderFi delivers a range of services to crypto users worldwide, including trading capabilities, payment solutions, and decentralized finance products such as bespoke blockchains and non-custodial wallet applications.
The company’s model aims to offer investors broad exposure to the digital asset landscape, backed by a solid history of launching innovative products and securing necessary operational licenses. WonderFi‘s portfolio includes well-recognized brands like Bitbuy, Coinsquare and SmartPay.
Recently, WonderFi opened an Australia office as the home of their APAC region operations. Crypto OTC trading services are currently live in APAC, and the team is expected to roll out their mobile app and web services in the coming months.
Positioned at the forefront of the shift toward blockchain technology, WonderFi is strategically placed to capture increasing market and wallet share through ongoing advancements in digital asset solutions.
On September 18, 2024, WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF) unveiled enhanced mobile trading platforms for its Bitbuy and Coinsquare brands. The revamped Bitbuy and Coinsquare 2.0 apps bring a variety of advanced features to users. Notable upgrades include a redesigned home screen with improved portfolio charts and customizable watchlists, advanced tools for tracking profit and loss over various periods, and a simplified view for understanding portfolio composition and asset allocation. The new markets page introduces expanded sorting and search functionalities, while the addition of dark mode provides a visually comfortable experience for both iOS and Android devices.
Dean Skurka, CEO and President of WonderFi, expressed enthusiasm about the new mobile app experiences, noting the significant adoption of the latest updates by over 85% of Bitbuy asset holders and 93% of staking participants. He anticipates widespread adoption of the new apps, which were improved based on customer feedback. The 2.0 launch marks the beginning of an ambitious product development roadmap, with ongoing enhancements to functionality and services for the over 1.7 million registered users.
What’s next for WonderFi? They are building their own layer-2 blockchain and crypto wallet, with the aim to make an impact in the ever-growing DeFi space. This follows a trend where centralized, regulated crypto platforms dip into decentralized trading and platforms as more and more crypto participants advance their knowledge of the space.
Coinbase launched their own layer 2 blockchain BASE in 2023, which was on pace to do $360 Million of top line revenue for the company in the first year.
Click here for more information about WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF).
Crypto Market Updates: New Token Listings, Product Launches, and ETF Acquisitions
On October 2, Coinbase Global, Inc. (NASDAQ:COIN) announced plans to list two new Solana-based tokens, io.net (IO) and Degen (DEGEN). The tokens will soon be available for trading on Coinbase’s platform. io.net is the native token of a decentralized AI computing network, which aggregates GPUs for distributed storage providers, while Degen is a memecoin based on the Ethereum sidechain, Base. Following the announcement, DEGEN surged by 140% in 24 hours to $0.0112, making it a top gainer on exchanges like Binance and Bybit. In contrast, IO fell 14%, dropping below the $2 mark. Despite DEGEN’s spike, it remains 85% below its all-time high.
On September 30, DeFi Technologies Inc. (CBOE CA:DEFI) (OTC:DEFTF) has announced that its subsidiary, Valour Inc., and Valour Digital Securities Limited have launched their first asset-backed Ethereum Exchange Traded Product (ETP) on the London Stock Exchange (LSE). Tickered as 1VET, this fully-backed, non-leveraged product offers direct exposure to Ethereum (ETH), with assets securely stored by regulated custodians. The Valour ETP has received approval from the Financial Conduct Authority (FCA) and is designed exclusively for professional investors. This launch aligns with the LSE’s guidance for crypto ETPs, which require physical backing, reliable pricing, and regulated custodians.
The US Securities and Exchange Commission (SEC) has approved Nasdaq’s application to list options on iShares Bitcoin Trust ETF (NASDAQ:IBIT), a key step before trading derivatives tied to the ETF. The contracts still require approval from the Options Clearing Corp. and the Commodity Futures Trading Commission. Other exchanges have also applied to list options for IBIT and other spot-Bitcoin ETFs. Trading under the ticker IBIT, the ETF is the largest exchange-traded fund that invests directly in Bitcoin, accumulating around $22.7 billion in assets since its SEC approval in January, following a legal battle by Grayscale Investments.
Bitwise Bitcoin ETF Trust (NYSE Arca:BITB) is acquiring Osprey Bitcoin Trust (OTCQX:OBTC). OBTC investors will receive BITB shares in the liquidating distribution, gaining benefits such as lower fees (0.2% vs. 0.49%) and more accurate tracking of Bitcoin’s price. OBTC, launched in 2021 with $120 million in assets, has been a smaller competitor in the market. Current BITB investors will not see changes to their holdings. This acquisition is part of Bitwise’s strategy to expand in the competitive Bitcoin ETF market, which includes recent European growth through acquiring London-based ETC Group, bringing Bitwise’s assets under management to $4.5 billion.
On August 13, WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF) launched its subsidiary Bitbuy APAC in the Asia-Pacific region, establishing a Melbourne-based team. Following its acquisition of FX Institutions Pty. Ltd., Bitbuy completed its first international crypto trade and partnered with Kogan.com (ASX:KGN), offering exclusive benefits to Kogan FIRST members and supporting its market entry.
Click here for more information about WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF).
Featured Image @ Freepik
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding WonderFi Technologies Inс.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to WonderFi Technologies Inс.’s industry; (b) market opportunity; (c) WonderFi Technologies Inс.’s business plans and strategies; (d) services that WonderFi Technologies Inс. intends to offer; (e) WonderFi Technologies Inс.’s milestone projections and targets; (f) WonderFi Technologies Inс.’s expectations regarding receipt of approval for regulatory applications; (g) WonderFi Technologies Inс.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) WonderFi Technologies Inс.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute WonderFi Technologies Inс.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) WonderFi Technologies Inс.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) WonderFi Technologies Inс.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of WonderFi Technologies Inс. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) WonderFi Technologies Inс.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact WonderFi Technologies Inс.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing WonderFi Technologies Inс.’s business operations (e) WonderFi Technologies Inс. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, WonderFi Technologies Inс. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does WonderFi Technologies Inс. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither WonderFi Technologies Inс. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of WonderFi Technologies Inс. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of WonderFi Technologies Inс. or such entities and are not necessarily indicative of future performance of WonderFi Technologies Inс. or such entities.
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