Feb 10, 2022 Jay Jackson

Appetite for Crypto Sector Still Going Strong as Valuations Rise

 

Cryptocurrency exchange FTX saw its valuation soar to $32 billion in a new funding round announced on January 31, underscoring continued appetite for the sector. The Bahamas-based company raised $400 million in a Series C funding round – its third round in the past nine months for a total of $2 billion in venture capital to date. Of course, this is just one of many financing rounds sending serious cash into the crypto sector. In 2021, funding for blockchain startups increased 8-fold at $25.2 billion and isn’t expected to slow in 2022, creating a positive outlook for companies in the space such as WonderFi Technologies Inc. (NEO: WNDR) (OTC:WONDF), Marathon Digital Holdings, Inc. (NASDAQ:MARA), Hut 8 Mining Corp. (NASDAQ:HUT), Hive Blockchain Technologies Ltd. (TSX:HIVE) (NASDAQ:HIVE), and Voyager Digital Ltd. (TSX:VOYG). 

Leading technology company WonderFi Technologies Inc. (NEO: WNDR) (OTC:WONDF) is continuing to make progress in its mission to create greater access to DeFi through strategic deals. In January, the company announced the acquisition of Bitbuy Technologies, Canada’s first approved crypto marketplace, and it’s already proving to be a worthy investment. Bitbuy is a trusted execution platform that serves more than 389,000 users, with over $4.6 billion transacted through the platform.

On February 2, WonderFi announced that Bitbuy Technologies achieved an increase in monthly new deposits and marketplace coin volumes despite the volatility and declines in crypto markets in December and January. This increase supports WonderFi’s theory that the crypto exchange model provides diversified income streams and can operate independently of the prevailing performance of the crypto market. 

Bitbuy reported a 29% increase in Ethereum volume traded in January compared to December. The company also listed seven new coins in December 2021, generating an additional $34 million in new value. 

Bitbuy will continue adding new coins on its platform in Q1 2022 to underpin the marketplace volume growth while driving user satisfaction. 

On February 8, WonderFi announced that BitBuy has entered into an advertising agreement with Kogan.com, one of Australia’s largest and most popular online retailers. The partnership will provide marketing support to Bitbuy’s future launch into the Australian market and give WonderFi access to Kogan’s 3.3 million active monthly customers.

For more information about WonderFi Technologies Inc. (NEO: WNDR) (OTC:WONDF), click here. 

Crypto Stocks Thriving Despite Market Slowdown 

Digital asset miner Hut 8 Mining Corp. (NASDAQ:HUT) recently provided its mining production for January 2022, revealing that it mined 308 BTC. Hut 8 reported that 16% of the production was from the company’s GPU (Graphics Processing Unit)  miners. These GPUs are efficient with minimal power requirements resulting in an average cost of less than C$2,600 per Bitcoin. The company deposited 100% of the self-mined bitcoin, resulting in 5,826 bitcoins held in reserve. During the month, the company also retired its older fleet of Bitfury Clarkes, replacing them with 6,317 MicroBT M3OS and M31S+ miners. 

Ashu Swami is now serving as the Chief Technology Officer of Marathon Digital Holdings, Inc. (NASDAQ:MARA). He has diverse experience in the tech and crypto space as a chip designer, entrepreneur, and crypto and DeFi expert. He has previously worked in different capacities in the tech and crypto space, including founding LocalPad. He also has three patents in blockchain and trading as well as experience in technical, regulatory, and market. Marathon adds Swami as part of its technical lead to move the company into the forefront of bitcoin and blockchain innovation. 

Hive Blockchain Technologies Ltd. (TSX:HIVE) (NASDAQ:HIVE) announced that the total Bitcoin Equivalent mined by the company in 2021 was 4,032. In January, Hive produced 264 bitcoins at a bitcoin mining capacity of 1.87 Exahash. The company also produced 2,170 ETH equivalent at an Ethereum mining capacity of 4.56 Terahash. Hive has continuously expanded its Bitcoin hashing power despite the increasing network difficulty and challenges such as the curtailment by Quebec Hydro following extreme cold weather in Canada and increasing energy prices. 

Voyager Digital Ltd. (TSX:VOYG), which is one of the fastest-growing, publicly-traded cryptocurrency platforms in the US, is now a corporate investor of crypto lending and tax platform CoinLedger. Voyager recently partnered with CoinLedger to bring free tax tools for its users for the 2021 tax year. This investment in CoinLedger serves as a path toward the company’s long-term strategic vision in the crypto space. At the same time, it provides an additional array of services for Voyager users making it easy for them to track and report their crypto taxes. 

Despite the ongoing volatility in the crypto space, companies in the sector such as WonderFi continue to see positive growth and increased activity on their platforms, which is a tentative indication of the nearing maturity of the crypto market.

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding WonderFi Technologies Inc’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to WonderFi Technologies Inc’s industry; (b) market opportunity; (c) WonderFi Technologies Inc.’s business plans and strategies; (d) services that WonderFi Technologies Inc. intends to offer; (e) WonderFi Technologies Inc’s milestone projections and targets; (f) WonderFi Technologies Inc’s expectations regarding receipt of approval for regulatory applications; (g) WonderFi Technologies Inc’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) WonderFi Technologies Inc’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute WonderFi Technologies Inc’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) WonderFi Technologies Inc’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) WonderFi Technologies Inc’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) WonderFi Technologies Inc’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of WonderFi Technologies Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) WonderFi Technologies Inc’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact WonderFi Technologies Inc’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing WonderFi Technologies Inc’s business operations (e) WonderFi Technologies Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, WonderFi Technologies Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does WonderFi Technologies Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither WonderFi Technologies Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of WonderFi Technologies Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of WonderFi Technologies Inc. or such entities and are not necessarily indicative of future performance of WonderFi Technologies Inc. or such entities.