Vancouver-based WonderFi Technologies Inc. will soon become the first Canadian-regulated cryptocurrency marketplace and registered trading platform to list its shares on the Toronto Stock Exchange.
WonderFi, which owns Bitbuy Technologies Inc. and is backed by Shark Tank star Kevin O’Leary, will list with the ticker TSX:WNDR on June 22. O’Leary said he is seeing more investors demand diversification and options to invest within cryptocurrency assets.
“Most of the banks are under tremendous pressure from their own constituencies that have accounts with them to give them exposure (to cryptocurrency),” he said. “So, we’re making sure that we keep our platform open, ready for business to engage with any banking platform that wants to work with us, and I think being part of the TSX, where you find a lot of other financial services listed, is a very important thing.”
The TSX at the beginning of May approached WonderFi to see if the company would list on the exchange. O’Leary said the TSX has been listening to their constituents and noted the growing institutional demand for cryptocurrency assets.
By listing on the TSX, WonderFi hopes to capture a “new breed of retail and institutional investor,” chief executive Ben Samaroo said in a press release, adding that this breed tends to be older investors who trust the TSX.
Bitbuy’s data noted that cryptocurrency investors are getting older. In 2022, the median age of new cryptocurrency investors was 39, five years older than in 2018. Bitbuy added there had been a three-year boost in the median age over the past 12 months or so. Assuming the trend continues, the exchange expects the median age could soon be in the mid-40s.
O’Leary also noted that older investors tend to have more capital to put to work.
However, WonderFi’s listing comes at a time when market watchers…