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WonderFi Announces Impressive Jan 2024 Growth Update

Release | Feb 7, 2024

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WonderFi Technologies Inc. reports a 751% revenue surge in January 2024, showcasing significant growth and operational success.

Key January 2024 Metrics

  • WonderFi reported a consolidated revenue of $4.8M (Bitbuy-100%, Coinsquare-100%, Smartpay-100%, Tetra-43% + Bitvo's client and domain acquisition), marking an impressive 751% increase year-over-year.
  • As of December 31, 2023, WonderFi's cash and digital asset holdings were valued at $37.4 million, up from $33.4 million on September 30, 2023. This increase reflects the company's strong financial management and strategic investment in digital assets.
  • Achieved positive EBITDA and cash-flow positive operations on a consolidated basis during January 2024, highlighting its operational success and financial health.

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  • The company's crypto trading platforms facilitated over $350 million in combined trading volumes for the month, a significant increase from $56 million in January 2023. This 524% year-over-year growth in trading volumes demonstrates WonderFi's expanding market presence and user engagement.
  • Combined client assets under custody for Bitbuy and Coinsquare reaching approximately $1 billion as of January 31, 2024. Additionally, the company experienced an 82% year-over-year increase in active users in January, indicating strong user acquisition and retention strategies.

Operational Milestones

  • Notably, WonderFi's crypto payments processing platform, SmartPay, achieved a major milestone by surpassing $1 billion in total volumes processed since 2020.
  • Bitbuy Private Wealth also reported a record January with over $100 million in volumes traded, showcasing a 323% increase year-over-year.

Outlook

WonderFi's latest update highlights significant user growth, strategic acquisitions, and partnerships that broaden its service offerings and market reach. These milestones are not just numbers; they represent a strategic positioning that could redefine competitive dynamics in the fintech sector.

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By analyzing the synergies between WonderFi and its acquisitions, we can better understand the strategic foresight behind these decisions.


NCFA Jan 2018 resize - WonderFi Announces Impressive Jan 2024 Growth UpdateThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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