WonderFi Explores New Partnerships to Elevate Crypto Trade on Bitbuy and Coinsquare
In their quest to revolutionize the crypto trading landscape in Canada and Australia, WonderFi Technologies Inc. has embarked on a venture to incorporate derivatives trading into their established platforms; Bitbuy and Coinsquare.
An Exclusive Collaboration Aiming to Empower Crypto Trade
In a groundbreaking initiative, WonderFi is investigating potential alliances aiming to provide Bitbuy and Coinsquare users with access to derivatives trading. This is a significant step forward in crypto trading as it allows speculative trading on asset price fluctuations. The partnerships aim to expand the reach of crypto trading without necessitating the ownership of the underlying resources.
The company has not disclosed specifics but hinted at a non-binding letter of intent with an Australian broker, Eightcap, and Embedded, their trading-as-a-service solution. If the exploration culminates in a partnership, it would open up access to a plethora of financial derivatives products for Bitbuy and Coinsquare users, including oil, indices, metals, select stocks, and foreign exchange.
These products will be presented as contracts for difference (CFDs). Consequently, these regulated over-the-counter derivatives will allow users to speculate on the fluctuation of asset prices without owning the underlying assets, as outlined by the company.
Eightcap as the Potential Technology Provider
Eightcap could be the technology provider for this potential collaboration, offering trading technology and liquidity for Bitbuy and Coinsquare. Through this partnership, both platforms could widen their offerings within Canada and pertain to Bitbuy in Australia as well.
CEO’s Perspective on the Prospective Endeavor
Dean Skurka, the CEO of WonderFi, shared his enthusiasm regarding the proposed alliances. He noted that these partnerships designate a significant stride forward and hope that they will equip their users with greater access to the worldwide financial market within the secure ecosystems they are familiar with and trust.
He further established the timeline for the rollout of these new products. With pending final agreements and regulatory approvals, the company is anticipating a launch in late 2025.
Previously Consolidated Platforms Emerge as Market Leaders
Bitbuy and Coinsquare are not new to significant changes and market expansions. In May 2024, WonderFi announced the fusion of these two trading platforms making them the largest regulated crypto trading platform in Canada backed by the Canadian Investment Regulatory Organization.
Given the success of this consolidation, this new exploration for partnership reflects WonderFi’s continuous endeavors to innovate and lead in the crypto trading market as pioneers of change and adaptability.
The Changing Landscape of Crypto Trading
The proposed partnership and exploration of these new offerings resonate with the rapid evolution witnessed by the crypto trading industry. As the market grows with more investors and traders choosing crypto, platforms like WonderFi have the responsibility and opportunity to introduce more diverse and regulated offerings.
The potential inclusion of derivatives trading on Bitbuy and Coinsquare is one such step towards enhancing the user experience and offering expanded opportunities for speculation and trading. As the anticipation for the rollout peaks, it’s safe to say that WonderFi may once again bring about a paradigm shift in the crypto trading scene in Canada and Australia.
