Source: Alexey Novikov.
  • WonderFi Technologies (TSX:WNDR) has amassed more than C$1 billion in combined client cash and digital assets under custody as crypto prices enjoy a pronounced rebound
  • Total active users increased by 16 per cent from October to November, with a 54 per cent jump in total trading volume compared to the average in Q3
  • WonderFi Technologies owns and operates Canadian digital asset businesses
  • WonderFi Technologies stock (TSX:WNDR) has returned more than 20 per cent year-over-year, but remains down by about 67 per cent since 2018

WonderFi Technologies (TSX:WNDR) has amassed more than C$1 billion in combined client cash and digital assets under custody as crypto prices enjoy a pronounced rebound.

The assets are split between Bitbuy Technologies and Coinsquare Capital Markets, WonderFi’s wholly owned crypto trading platforms.

The company views the milestone as a product of “new user growth, increased user activity and price appreciation in the digital asset sector,” according to Wednesday’s news release.

The platforms saw a combined 16 per cent increase in monthly active users in November compared to the month prior. They also posted a 54 per cent increase in total trading volume for the month compared to the monthly average in Q3.

“After completing the third quarter with combined client assets under custody of C$695 million, we are encouraged by improving industry conditions and increased activity across the Bitbuy and Coinsquare platforms,” Dean Skurka, president and chief executive officer of WonderFi, said in a statement. “As two of Canada’s largest and most trusted cryptocurrency exchanges, Bitbuy and Coinsquare continue to be the preferred partners for Canadians looking to access and purchase digital assets in a safe and secure way.”

Cryptocurrencies are on the rise

WonderFi’s jump in trading activity coincides with a bullish run in crypto prices, highlighted by Bitcoin’s more than 150 per cent gain and Ethereum’s more than 76 per cent gain, both year-over-year. Key drivers behind the generalized upswing include:

Investors interested in crypto can learn more by reading about Stockhouse’s top 5 cryptocurrencies to buy in 2023.

WonderFi Technologies owns and operates Canadian digital asset businesses, including Bitbuy and Coinsquare, two crypto trading platforms, and SmartPay, a crypto payments processing platform. The company boasts more than 1.6 million registered Canadian users.

WonderFi Technologies stock (TSX:WNDR) is unchanged trading at C$0.205 per share as of 9:46 am ET. The stock has returned more than 20 per cent year-over-year, but remains down by about 67 per cent since 2018.

Join the discussion: Find out what everybody’s saying about this Canadian crypto stock on the WonderFi Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

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