WonderFi Technologies (WNDR.TO) plans to offer stock trading for customers through one of its crypto trading platforms, Bitbuy.
Bitbuy will offer fractional trading and investments in thousands of U.S. stocks, exchange-listed securities and ETFs. The product is expected to be live in the first quarter of 2023, the company said Thursday.
The offering seeks to be the first fractional trading platform in Canada that offers real-time settlement.
"Providing seamless access to stock trading makes Bitbuy the first in Canada to offer a full suite of crypto trading as well as fractional trading of equities with real-time settlement,” WonderFi CEO Ben Samaroo said. “This is in furtherance of our goal of making users' lives easier and bringing key asset classes within our easy to use, regulated platforms.”
Bitbuy adding stock trading would allow it to compete with Canadian rival Wealthsimple, which offers crypto and equities for clients. Global giants such as Sam Bankman-Fried’s FTX are also beginning to offer equities for clients.
Canada-based WonderFi, a provider of crypto trading platforms, purchased Bitbuy in January for C$206 million ($161.8 million) in cash and shares.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.