Vancouver-based startup WonderFi has received conditional approval to be listed on the Toronto Stock Exchange (TSX).
WonderFi is currently listed on the Neo Exchange and on OTC Markets.
Set to begin trading on June 22 under the ticker ‘WNDR,’ WonderFi claims to be the only registered crypto-trading platform to become available on the TSX, having acquired registered restricted crypto asset dealers Bitbuy and entered a $38.5 million deal to acquire Coinberry.
WonderFi claims that it was the TSX that had approached the company in an attempt to broaden the TSX’s crypto offerings to include “more stable and Canadian regulated companies.”
WonderFi decided to list on the TSX during unfavourable market conditions for crypto-trading platforms and tech companies alike.
Within the past few months, several companies in the crypto space have imposed layoffs, such as Crypto.com, Coinbase, BlockFi—and this didn’t exempt WonderFi.
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Since it closed its acquisition of Toronto-based Bitbuy in March, WonderFi has reduced its staff across the two businesses “by between 15 and 20 percent.”
Despite a turbulent market, WonderFi CEO Ben Samaroo said in WonderFi’s corporate update call on Tuesday that the company is “well-prepared” for these conditions, citing the strength of its balance sheet due to some “timely capital raises.”
In a statement shared with BetaKit, Samaroo expressed hope that being listed on the TSX will attract a “new breed” of retail and institutional investors to WonderFi.
“Older investors trust companies listed on Canada’s most senior exchange,” he said. “The TSX is the 11th largest exchange in the world, and with that comes potential international investors looking to invest in crypto companies as there are so few of them out there in the world.”
Feature image courtesy WonderFi.