Business
WonderFi Announces Corporate Update, Upcoming Investor Webinar and Conferences
Strong balance sheet, with cash and cash equivalents of $35M Planned operational and technolog...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi Announces Corporate Update, Upcoming Investor Webinar and ConferencesStrong balance sheet, with cash and cash equivalents of $35MPlanned operational and technology synergies progressing on scheduleCombined client assets under custody now exceed $730MClear path toward cash-flow-positive operationsToronto, Ontario--(Newsfile Corp. - August 1, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (\"WonderFi\" or the \"Company\") today announced a corporate update following the completion of its landmark acquisition of Coinsquare Ltd. and CoinSmart Financial Inc. on July 7, 2023.This news release constitutes a \"designated news release\" for the purposes of WonderFi's prospectus supplement dated December 23, 2022 to its short-form base-shelf prospectus dated September 7, 2022.Corporate Update:Cash and cash equivalents total over $35M across WonderFi and its wholly owned subsidiaries as of July 7, 2023.WonderFi now holds investments in digital asset businesses totaling over $18M. These include a 43% ownership stake in Tetra Trust Company, along with investments in Blockchange Ventures and other interests.Client assets under custody across the WonderFi platforms total over $730M.Over 15,000 registrations in the last 30 days across the WonderFi platforms, resulting in a 32% increase in the number of sign-ups as compared to the prior 30-day period. Bitbuy received a non-objection letter from the Ontario Securities Commission to purchase all client accounts of Coinberry Limited. WonderFi expects to realize costs savings upon the completion of this transaction.SmartPay is generating 10% month-over-month revenue growth, with annual revenues projected to reach $4.5M for fiscal year 2023.Corporate Division Appointments:As part of WonderFi's identified cost synergies and renewed focus, the following appointments have been made at our core operating subsidiaries:Brandon Skurka has been appointed President of Bitbuy. Brandon was previously the VP, Operations at Bitbuy and has held various operational, compliance and customer-success roles within Bitbuy over the past 5 years.Eric Richmond has been appointed President of Coinsquare. Eric was previously the Chief Operating Officer at Coinsquare. He is also a director of Tetra Trust Company. Eric has been active in the cryptocurrency industry for 7+ years in numerous...