The future of retail cryptocurrency trading in Canada appears promising, with various factors, including local regulations, expected to drive market growth.
Dean Skurka, the CEO of the Canadian crypto asset platform WonderFi, expressed optimism about the resurgence of retail interest during an interview with Cointelegraph’s Sam Bourgi at the Collision event in Toronto.
Canada is experiencing a fortunate alignment of factors for the crypto industry. Skurka highlighted the impact of the Bank of Canada’s interest rate cut, resulting in increased discretionary spending, coupled with the rising popularity of Bitcoin (BTC) and Ether (ETH) exchange-traded funds, making crypto more appealing to a wider audience. The anticipated effects of the BTC halving also contribute to a promising retail market outlook.
While acknowledging that change won’t happen overnight, Skurka noted positive signs of public acceptance of crypto, citing a surge in new signups at WonderFi coinciding with BTC’s record-high price. He anticipated further growth in the next six to 12 months.
WonderFi, initially supported by billionaire Kevin O’Leary, has strategically acquired multiple crypto firms and aims to merge them into a unified entity following its partnership with Coinsquare in July 2023. The firm operates under the regulation of the Canadian Investment Regulatory Organization and has reached $1 billion in assets under management by the end of 2023.
In addition to its domestic success, WonderFi is exploring opportunities abroad, particularly in the Asia-Pacific region. Skurka highlighted the advanced regulatory environment in Canada compared to Asia Pacific, informing the firm’s expansion plans. WonderFi intends to disclose its ventures in the APAC markets in the coming months.
While WonderFi remains optimistic about Canadian regulations, some industry experts have expressed reservations. Recent rules introduced by the Canadian Securities Administrators led to the exit of several crypto firms from the country. However, overall, the regulatory clarity in Canada is attracting institutional interest in crypto, according to WonderFi CEO.
Market factors and regulations fuel growth in Canadas retail crypto market