WonderFi is considering partnerships that would bring derivatives trading to its platforms, Bitbuy and Coinsquare, in Canada and Australia.
Vancouver-based WonderFi Technologies Inc. is exploring a new partnership to bring derivatives trading to its crypto platforms, Bitbuy and Coinsquare, in Canada and Australia.
The company revealed in a March 5 press release that it entered a non-binding letter of intent with Australian broker Eightcap and Embedded, its trading-as-a-service solution, that would give users of Bitbut and Coinsquare access to derivatives products, including foreign exchange, indices, oil, metals, and select stocks.
These products will be offered as contracts for difference, which are regulated over-the-counter derivatives, allowing users to speculate on asset price movements without owning the underlying assets, the press release reads.
Eightcap will provide trading technology and liquidity for Bitbuy and Coinsquare, opening offerings in Canada and for Bitbuy in Australia.
WonderFi chief executive Dean Skurka says the collaboration marks a “significant step forward, setting out a framework that we believe will empower our users with greater access to global financial markets, all within the trusted ecosystems they already know and love.” The rollout of the new products is expected in late 2025 as it’s still pending final agreements and regulatory approvals.
In May 2024, WonderFi announced the consolidation of its trading platforms, Coinsquare and Bitbuy, making it the largest crypto trading platform in Canada regulated by the Canadian Investment Regulatory Organization.
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