The Kevin OLeary-backed crypto platform, Wonderfi Technologies Inc WONDF provides secure access to compliant crypto through regulated Web3 companies.
About Wonderfi: Decentralized finance, also known as DeFi, is the technology that enables market participants to lend to, borrowand exchange goods with one another.
Unlike exchanges designed using the centralized finance (CeFi) model, WonderFi is non-custodial and does not impose taxes on the system through the use of intermediaries. Participants can also make money by posting liquidity and earning yields or trading revenue. In a compliant and controlled setting, WonderFi offers unified access to digital assets including crypto, DeFi, gaming, and NFTs.
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What Happened:The company issued its third-quarter earnings report on Monday that showed revenues of $2.9 million and $3.2 million for the three and nine months, respectively, that ended June 30. The increase in bookings came from the acquisition of Bitbuy and represents the activity of Bitbuy from March 25, 2022to June 30, 2022.
The company had $356 million in total assets as of June 30, 2022, including $15 million in cash and $5.6 million in crypto assets and inventory, as well as $187 million of assetsunder custody for customers.
WonderFi continued to make significant steps in our path to becoming a global leader in crypto in the third quarter, WonderFi CEO Ben Samaroo said. We completed our Toronto Stock Exchange listing and closed the acquisition of Coinberry following quarter-end. We remain focused on integrating all of our newly acquired businesses, continuing our user acquisition growth and unlocking the significant sales and cost synergy opportunities available.
Due to its highly regulated business model, WonderFi was able to curb the crypto liquidity crisis that caused several nascent crypto companies to declare bankruptcy as a result of excess use of leverage. WonderFi, or its subsidiaries does not offer, use, or access leverage and does not lend to its customers.
We have established the resilience of our business in a down market, amidst the collapse of several global crypto trading platforms, Samaroo said. We believe our commitment to regulation and compliance will continue to serve our users and investors going forward.
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