Continued Crypto Adoption Pushes Shares Of This Crypto Trading Platform Higher

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Tuesday, November 26, 2024

Even though Bitcoin has pulled back from its lofty price of near $100,000, the pullback should be viewed as exactly that. The reality is that cryptos are here to stay, and in the long run the fundamental scarcity of coins will likely mean investors will continue to clamour into the space pushing prices higher.

A great example of continued investor adoption came from WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF). The Company, a global leader in centralized and decentralized financial services and products announced earlier today that its Bitbuy and Coinsquare crypto trading platforms have achieved a new record in client assets under custody, surpassing the $2.1 billion mark, as at market close on November 25, 2024.

The significant milestone was reached amidst an increasingly optimistic global sentiment for digital assets and marks an increase of over 65 percent since the end of the third quarter and a 110 percent increase as compared to year-end 2023. Client cash balances have also increased 66 percent since quarter-end, representing a meaningful surge in client deposits.

The total value of assets staked on the platforms now exceeds $120 million, an increase of 165 percent year-to-date, including a 50 percent surge since quarter-end.

WonderFi's flagship Bitbuy and Coinsquare crypto trading platforms have continued to reach new heights in recent weeks, with the two Canadian market leaders marking upswings in revenue, client registrations and assets under custody, as investors continue to react to the sector's positive momentum and increasing acceptance as a long-term asset class.

"We're extremely pleased with the new market confidence demonstrated by investors," said Dean Skurka, President and CEO of WonderFi. "Consumers have long been optimistic about the value in the industry and their confidence has now been bolstered through the recent moves by multiple global jurisdictions and institutional-level investors to treat digital assets as a viable long-term investment option."

Shares of WNDR have been scaling higher since bottoming back in early-October with the price now at $0.21, up 2.44% in mid-morning trading on the back of this news.

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