Canadian fintech firm WonderFi Applied sciences, a pacesetter in centralized and decentralized monetary providers and merchandise, have introduced that it has entered right into a non-binding Letter of Intent (LOI) to type a brand new partnership with Eightcap and Embedded, its market-leading Buying and selling-as-a-Service (TaaS) answer.
This collaboration goals to offer customers on WonderFi’s wholly owned crypto buying and selling platforms, Bitbuy and Coinsquare, entry to derivatives throughout a variety of well-liked monetary markets, together with international trade, main indices, oil, metals, and a curated choice of particular person shares.
These merchandise can be supplied as contracts for distinction (CFDs), that are regulated over-the-counter derivatives that enable customers to take a position on asset worth actions with out proudly owning the underlying property, providing flexibility to revenue in each rising and falling markets. Eightcap will act because the buying and selling know-how and liquidity supplier for Bitbuy and Coinsquare, enabling these choices in Canada and for Bitbuy APAC in Australia.
The partnership leverages Embedded, a TaaS answer powered by Eightcap that may deliver seamless multi-asset buying and selling to Bitbuy and Coinsquare’s rising userbase, to allow the providing of CFDs in each Canada and Australia. With a give attention to pace and effectivity, the mixing of Eightcap’s Embedded know-how is designed to be quick to market and simple, making certain a easy dealer expertise. It’s proposed that Eightcap may even handle liquidity and settlement, making certain a seamless interplay with these new markets for Bitbuy and Coinsquare customers.
Dean Skurka, CEO of WonderFi, stated, “We’re extremely excited to associate with Eightcap with a view to providing multi-asset buying and selling to our 1.7 million registered customers. The execution of this LOI marks a major step ahead, setting out a framework that we consider will empower our customers with larger entry to international monetary markets, all inside the trusted ecosystems they already know and love. By diversifying and widening the buying and selling alternatives for our customers, we purpose to make Bitbuy and Coinsquare the go-to vacation spot for all of their buying and selling wants.”
Patrick Murphy, Chief Industrial Officer of Eightcap, added, “We’re thrilled so as to add WonderFi to our rising checklist of Embedded companions. This collaboration is one other main step ahead in bridging decentralized finance (DeFi) and conventional finance (TradFi). It’s going to enable crypto merchants to seamlessly commerce each crypto and TradFi property in a safe and controlled setting. As the primary of its form in Canada, we anticipate this partnership to drive innovation and provide unmatched flexibility for merchants.”
By combining Bitbuy and Coinsquare’s energetic and dependable person bases with Eightcap’s experience in derivatives buying and selling, this partnership goals to reinforce the buying and selling choices obtainable to Canadian and Australian customers whereas sustaining the excessive requirements of reliability and safety each corporations are identified for. The rollout of those new choices is anticipated in H2 2025, and is topic to getting into into definitive agreements in respect of the partnership and related regulatory approvals in each jurisdictions. This enterprise is anticipated to additional solidify WonderFi’s place as a pacesetter within the fintech and digital asset house.
