Overview of WonderFi’s Growing Influence
In a recent press release, WonderFi announced a remarkable growth in its subsidiaries, Coinsquare and Bitbuy. November 2023 saw a combined 16% increase in client assets compared to October, along with a 54% rise in total trading volume. This growth indicates a significant surge in the Canadian crypto market, with more than $1 billion in client cash and crypto under custody.
WonderFi’s Expanding Client Base
Back in January 2023, WonderFi reported approximately 650,000 customers with $258 million in funds. Coinsquare, at that time not yet a part of WonderFi, had about 500,000 users. The merger in April 2023 with Coinsquare and CoinSmart led to the creation of Canada’s largest regulated crypto asset trading platform, boasting over 1.6 million registered users.
Canadian Sentiment on Cryptocurrency
Despite the growth in investments, the Ontario Securities Commission found a notable sense of regret among over 75% of investors in cryptocurrencies. The understanding of cryptocurrency is increasing among Canadians, yet there is a decline in the belief of its future role. However, 39% of respondents still reported profitability in their crypto investments, highlighting a complex yet evolving landscape in Canadian cryptocurrency sentiment.
Conclusion: The Future of Crypto in Canada
The substantial investment in WonderFi’s crypto exchanges reflects a dynamic shift in Canada’s cryptocurrency landscape. While investor sentiments show a mix of optimism and caution, the market’s growth trajectory indicates a strong future for crypto investments in the country.