The Spot Bitcoin ETF's Have Finally Been Approved! Commentary From WonderFi
With yesterday's SEC approval, and today's monumental launch of US spot Bitcoin ETFs, bitcoin and cryptocurrency have officially re-emerged and are set to take centre stage in 2024. With financial institutions like Blackrock, Fidelity, Invesco, and other household names behind these ETFs, the long-term viability and credibility of our industry has already started to increase significantly. Bitcoin ETFs will introduce the next cohort of users into crypto, this will ultimately serve as a massive boost to the entire ecosystem.
We are already hearing about the inevitability of an Ethereum ETF and other assets may be soon to follow. WonderFi is proud to play a key part in a more regulated future for the digital asset industry.
Through our leading crypto trading platforms Bitbuy and Coinsquare we are proud to serve 1.6+ million Canadians, with over $1 billion in combined client assets under custody. The industry has seen improved sentiment, and heightened volatility in the lead up to this moment which has created a positive set-up for our trading platforms. We also look forward to working with institutional customers who have been sitting on the sidelines waiting for this announcement.
Our platforms have processed over $100M in trading volumes in January, representing a 46% increase in the average daily trading volume compared to the average daily trading volume in Q4. With the roll-out of the Bitcoin ETFs, and the upcoming bitcoin halving, the stage is set for a very positive year for crypto adoption, awareness, and credibility, and we are excited for what comes next!
Congratulations to everyone launching ETFs today. At WonderFi, we understand what it takes to launch regulated products in the digital asset industry, and know first hand what an accomplishment this truly is. Enjoy the moment!
- Dean Skurka CEO WonderFi