Business
Bitbuy Private Wealth Launches Crypto Staking Service for Individual, Corporate, and Institutional Clients
Toronto, Ontario--(Newsfile Corp. - May 24, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"Bitbuy Private Wealth Launches Crypto Staking Service for Individual, Corporate, and Institutional ClientsToronto, Ontario--(Newsfile Corp. - May 24, 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 OTC Desk supported staking. The first service of its kind in Canada allows Bitbuy's Individual, Corporate, and Institutional clients to stake their crypto assets with the assistance from their personal Bitbuy Private Wealth Account Manager.Staking involves temporarily locking up a certain amount of cryptocurrency, which serves as a \"stake\" or collateral. In return for staking their coins, participants can earn rewards or returns in the form of additional crypto tokens. Staking has become increasingly popular as a way to earn passive income within the cryptocurrency space. Bitbuy is one of only three regulated crypto-trading platforms in Canada authorized to stake crypto.Bitbuy Private Wealth's \"white-glove\" approach to staking ensures that clients receive the same level of expertise and personal support they have come to expect when trading crypto through the OTC desk. The service is open to investors with a minimum investment of $25,000. Clients can stake the following coins through the desk: Ethereum (\"ETH\"), Solana (\"SOL\"), Polygon (\"MATIC\"), Polkadot (\"DOT\"). Since its launch on November 28, 2022, staking has gained significant traction among crypto investors with approximately 39% of monthly active Bitbuy users staking their crypto as of May 1, 2023. Broken out by token, 15% of ETH, 39% of SOL, 54% of MATIC, and 52% of DOT client assets are now being staked.\"Staking is a great product for Bitbuy Private Wealth clients looking to earn additional returns on their investable assets,\" said Bitbuy Vice President of Sales, Jeff Fitzgerald. \"The OTC desk figured it only made sense to be able to stake on behalf of our clients in the same fashion we trade. Our clients feel the same and are happy to add this service to our white-glove offering.\" To capitalize on the growing interest in crypto staking, Bitbuy has launched a national marketing campaign featuring Bitbuy Brand Ambassador, Scottie Barnes. The campaign comprises a 30-second TV commercial broadcasted on BNN B...