WonderFi Announces Australian Market Entry

Crypto | March 21, 2024
 

WonderFi Technologies Inc., a prominent operator of regulated Canadian crypto trading platforms, has officially announced its expansion into the Australian market, scheduled to go live in Q2 2024. This marks the company’s first international acquisition.

The Toronto-based company has reached an agreement to purchase FX Institutions Pty. Ltd. (FXI), a registered entity in Australia authorized to offer crypto trading and payment remittances. This acquisition, which is subject to regulatory approval, represents a strategic move by WonderFi to leverage its expertise in operating regulated crypto trading platforms, such as Bitbuy and Coinsquare, and its global crypto payments business, SmartPay.

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WonderFi’s acquisition of FXI enables the company to launch over-the-counter (OTC) trading services in Australia in the second quarter of 2024, with plans to introduce a comprehensive suite of offerings for both retail and institutional traders in the third quarter. Tim Lo, recently appointed as Head of Sales in the Asia-Pacific region, will lead the go-to-market strategy in Australia, bringing his extensive experience from both the crypto and traditional finance sectors.

Dean Skurka, President & CEO of WonderFi, expressed enthusiasm about the Australian launch, citing the country’s high cryptocurrency adoption rates (23%, highest among developed nations) and vibrant digital asset community as key factors for expansion. WonderFi’s proven track record in Canada, including its success in obtaining registration for two of its businesses to offer crypto-staking, lays a solid foundation for its international endeavors.

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The company’s OTC crypto desk in Canada, known for facilitating large trade executions and offering white glove service without deposit or withdrawal fees, has already facilitated over $7 billion of OTC transactional volume. 

With Australia ranking 8th globally in terms of crypto adoption, WonderFi’s expansion represents a significant opportunity to extend its reach and influence in the global cryptocurrency market.

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