WonderFi Technologies Inc. - WONDF stock

Click the button to add WONDF to the list of your stock picks.

Pick this!

Recently Updated Wikis

• BMNM
  Bimini Capital Management Inc
• CHALF
  Chalice Brands Ltd
• RECAF
  Reconnaissance Energy Africa Ltd
• BVNKF
  Bavarian Nordic A/S
• FBDS
  Fuss Brands Corp
• ALYI
  Alternet Systems Inc
• AFGYF
  AFC Energy plc
• GLATF
  Global Atomic Corp
• JSDA
  Jones Soda Co
• ILIKF
  Ilika Plc

OTC Symbol: WONDF | OTC Tier: OTCQB | Related ticker symbols: TSX: WNDR, WKN: A3C166

Company Information

WonderFi Technologies Inc. [OTCQB: WONDF] is a Canada-based technology company that engages in the development of a platform that provides investors with unified access to the emerging decentralized finance industry. The firm develops and commercializes blockchain-based businesses and consumer services, with a crisp on the framework for digital assets and non-fungible tokens (NFTs). The company’s platform supports decentralized and regulated centralized crypto platforms. WonderFi owns and operates a range of brands across crypto and Web3, including Bitbuy, Coinberry, and UniiFi. It is also launching offerings in iGaming and stock trading. The company serves over 650,000 users across all its brands. It was formerly known as Austpro Energy Corp. before changing its name in January 1996 to WonderFi Technologies Inc. The company’s shares are listed on TSX under the WNDR symbol, on WKN under A3C166, and on OTCQB under WONDF. The company was founded in 1990 by Ben Samaroo, Cong Ly, and Dean Sutton. It is headquartered in Vancouver, Canada.

Business Overview

The company, via its band of software products, seeks to simplify user interaction with the booming business of decentralized finance. It leverages its robust engineering capabilities which focus on integrating conventions and extracting complexities that hinder wider adoption of the technology to deliver the best digital trading experience for traders. The firm also aggregates market data and publishes educative resources to increase awareness and help potential investors understand the decentralized finance concept.

WonderFi operates via two segments; Centralized Finance (CeFi) and Decentralized Finance (DeFi). It provides access to Bitbuy, a CeFi digital asset platform that facilitates crypto trading. Through the platform, investors can move funds from their respective financial institutions to exercise buy or sale transactions on listed digital assets via bitbuy.ca and mobile apps. The Coinberry platform addresses crypto beginners and traders. It is accessible through coinberry.com and the mobile app. UniFi offers quality crypto and DeFi assets.

The company offers free access to METACADEMY, an educational platform with abundant information on crypto, NFTs, and the Web3 space. The firm also offers LAST/KWON, a focused multi-chain digital asset marketplace for specialists in the quest for an edge in NFTs via a customizable NFT minting platform. WonderFi’s partners include Circle, Wyre, and DeFi Pulse.

The firm also provides WonderFi App, which incorporates application programming interface integrations that enable users to efficiently interact with third-party decentralized finance protocols with sole custody and control. The interaction is made possible with the distributed ledger technology fitted in the app interface.

Mergers and Acquisitions

Coinsquare Ltd. and CoinSmart Financial

WonderFi Technologies, Coinsquare Ltd., and CoinSmart Financial Inc. are announced the successful completion of their business combination transaction. This transaction, as outlined in the business combination agreement dated April 2, 2023, solidifies WonderFi Technologies Inc. and its registered operating subsidiaries as a prominent player in the Canadian crypto asset trading ecosystem. The combined entity is now poised to offer one of the largest registered crypto asset trading ecosystems in Canada, providing a diverse range of products and services to both retail and institutional customers. These offerings include crypto trading, staking products, B2B crypto payment processing, and upcoming additions such as sports betting and gaming.

DeFi Ventures

WonderFi Technologies Inc. and WonderFi Digital Inc., formerly known as DeFi Ventures Inc., closed their amalgamation agreement on August 30, 2021. The agreement led to Wonder Technologies acquiring all issued and outstanding shares in the capital of DeFi. Each of DeFi shareholders received one Resulting Issuer Share of WonderFi in return for each DeFi share. Holders of DeFi Options on the other hand received, upon exercise of an underlying option for the exact aggregated consideration, WonderFi Shares in place of the DeFi Shares or else issuable before the exercise of the arrangement. According to the deal, gains from the subscription receipts of DeFi for $17,715,000 in aggregated proceeds were converted into WonderFi shares. The transaction resulted in former Defi shareholders claiming 97% of WonderFi’s capital. A reverse merger was thus exercised constitution with DeFi being the acquirer for accounting purposes.

Financials

WonderFi kicked off revenue generation in 2022 via acquisitions. The company managed $9.1 million in revenue over the fifteen months that ended December 31, 2022. The revenue was inclusive of proceeds generated from the Bitbuy Acquisition closed on March 25, 2022, Coinberry Acquisition finalized on July 4, 2022, and the BCF Acquisition sealed on November 7, 2022. The company recorded $71.4 million in gross proceeds from two bought-deal financing offerings. As of December 31, 2022, client assets held on Coinberry and the Bitbuy platforms were approximately $200 million. Bitbuy and Coinberry jointly hit a total trading volume of approximately $2.3 billion over the fifteen months. The company also initiated an at-the-market equity distribution program, purposed for a periodic rolling out of up to $10,000,000 of its common shares to the public at the firm’s discretion.

Management

Board of Directors

Dean Skurka, President, and Interim CEO

• Holds a Bachelor of Commerce (B.Com.), Accounting and Finance from Ryerson University
• He is also a board member at WonderFi
• He is the President of Bitbuy and a Director at First Ledger Corp., a parent company of Bitbuy, CBIX, Blockchain Markets, and Twenty-One Digital
• He was previously the Head of Restructuring & Insolvency at Fuller Landau, where he helped the company secure lenders and financial institutions, Court-appointed Receiver, and CCAA Monitor, and was a Consultant for shareholder disputes.

Karia Samaroo (formerly Ben), Co-Founder, and Director

• He is an entrepreneur, activist, and author
• Served as the company’s CEO from January 2021 to October 2022
• He is an advisor to the CEO of Through The Lens, a company that focuses on the empowerment of athletes
• He co-founded Atlas One Digital Securities and served as a Director of the company from January 2020 to January 2022
• Holds a Bachelor of Commerce, with distinction in Business Economics and Law.

Other members of the board include Stephanie Li, Independent Director; Ameer Rosic, Independent Director; Asha Daniere, Independent Board Member, and Andrei Poliakov, Co-founder of Coinberry.

Legal Matters

Coinberry filed a lawsuit in Brampton, Ont., west of Toronto against 50 customers and Binance in June 2022, following its $3 million loss in Bitcoin as a result of a software glitch. The associated customers took advantage of the technological hitch by initiating an Interac e-transfer, purchasing the bitcoins then transferring the coins, and canceling the original e-transfer. This way, the customers got away with free coins while retaining their funds.