Toronto-based WonderFi is making a bold move to diversify its business beyond cryptocurrency trading by expanding into multi-asset trading. This strategic initiative is being pursued through a partnership with Australian FinTech firm Eightcap, a well-established and regulated broker specializing in foreign exchange (forex) and contracts for difference (CFD) trading. By leveraging Eightcap’s expertise and trading infrastructure, WonderFi intends to offer its users access to a wider range of financial markets, including forex, major global indices, commodities such as oil and metals, and select individual stocks across Canada and Australia. This expansion represents a significant shift in WonderFi’s business model, positioning the company as a comprehensive digital asset trading platform rather than just a crypto exchange operator.
The partnership is currently in its preliminary stages, with WonderFi having signed a letter of intent (LOI) with Eightcap. However, before the collaboration can be fully implemented, WonderFi must finalize definitive agreements and obtain the necessary regulatory approvals in both Canada and Australia. If these approvals are secured, the company plans to begin rolling out its expanded trading capabilities in the second half of 2025.
As part of this expansion, WonderFi will introduce CFDs as a new trading option for its users. CFDs are financial derivatives that allow investors to speculate on price movements without owning the underlying asset. These instruments provide traders with the flexibility to take both long and short positions, enabling them to potentially profit from both rising and falling markets. To facilitate this new offering, WonderFi will utilize Embedded, Eightcap’s trading-as-a-service solution, which provides the technological infrastructure needed to support seamless multi-asset trading. Under the agreement, Eightcap will act as the trading technology and liquidity provider for Bitbuy and Coinsquare, ensuring that WonderFi’s platforms can deliver a smooth and efficient trading experience.
WonderFi’s senior vice-president of communications, Charlie Aikenhead, underscored the significance of this strategic shift, stating that the company’s goal is to establish itself as a leader in digital asset trading beyond just cryptocurrency. He pointed out that users already trust WonderFi’s platforms with billions in assets, and the company is now leveraging that trust to build a next-generation FinTech platform that can compete with Canada’s largest trading platforms, not just crypto exchanges. This move aligns with WonderFi’s long-term vision of expanding its offerings and attracting a broader customer base that includes both crypto traders and traditional investors seeking exposure to multiple asset classes.
Eightcap’s chief commercial officer, Patrick Murphy, also expressed enthusiasm about the partnership, describing it as a major step in bridging the gap between decentralized finance (DeFi) and traditional finance. He emphasized that the collaboration will provide traders with innovative tools and access to a more diversified portfolio, allowing them to manage risk more effectively and capitalize on market opportunities across different asset classes.
WonderFi, which is publicly traded on the Toronto Stock Exchange under the symbol WNDR, has already established itself as a key player in Canada’s digital finance landscape. The company owns two of the country’s most prominent cryptocurrency exchanges, Bitbuy and Coinsquare, which collectively serve a significant portion of Canada’s crypto traders. In addition to its trading platforms, WonderFi also operates SmartPay, a crypto payments solution designed to facilitate digital transactions, and holds a stake in Tetra Trust, a regulated crypto custody provider.
By expanding into multi-asset trading, WonderFi aims to future-proof its business model and position itself as a leading player in the evolving financial ecosystem. This move reflects a broader trend within the industry, where traditional finance and digital assets are increasingly converging. As regulatory frameworks continue to develop and investor demand for diversified trading options grows, WonderFi’s strategic expansion could place it at the forefront of this transformation.
If successfully implemented, the new multi-asset trading capabilities will enable WonderFi to cater to a wider audience, from cryptocurrency enthusiasts looking to diversify their investments to traditional traders seeking a seamless platform for accessing forex, commodities, and equities. By combining the strengths of crypto trading with conventional financial markets, WonderFi is setting the stage for a more integrated and accessible digital trading experience, reinforcing its position as an innovative leader in the FinTech space.