News Summary

The Canadian decentralized finance (DeFi) sector has experienced substantial growth in 2024, with Toronto-based companies DeFi Technologies and WonderFi reporting significant gains. DeFi Technologies saw its assets under management soar to $1.18 billion CAD, marking a 132 percent increase over 2023, and a 900% growth from the end of 2022. This growth is attributed to product upgrades, rising demand for regulated digital assets, and strategic acquisitions. WonderFi reported a doubling of its revenues to $62.1 million, with client assets at its exchanges Bitbuy and Coinsquare increasing to $2.1 billion. The company’s trading volume reached $3.6 billion through fiscal 2024. WonderFi expanded by acquiring clients from Bitstamp and extended its reach into the Asia-Pacific region. Both companies are optimistic about continued growth in 2025, with DeFi Technologies expecting revenue to rise significantly and WonderFi launching new products and expanding into derivatives trading.