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Bitbuy debuts new staking service as cryptocurrency market consolidates

Bitbuy debuts new staking service as cryptocurrency market consolidates

 


Shakepay has also joined the list of regulated crypto platforms in Canada.

Despite hints from one of the leading cryptocurrency trading platforms, Binance, to exit the Canadian market, Bitbuy Technologies is moving to introduce more cryptocurrency services. Bitbuy, a subsidiary of WonderFi Technologies, announced on June 2 that it will begin adding its public blockchain platform, Cardano, to its staking service.

Staking is the offering of digital assets, such as cryptocurrencies, as collateral to validate transactions on the blockchain. Participants receive rewards of coins and tokens in exchange for taking the risk of staking.

Crypto Market Consolidation Comes Amid New Regulatory Crackdown Following Volatility Concerns

Bitbuy claimed that more than 42 percent of Bitbuy’s monthly active users are now engaged in cryptocurrency staking since it launched staking in November 2022.

Bitbuy said it uses BitGo Trust Company to manage its stake assets. BitGo, one of the world’s largest crypto asset management companies, has claimed over $64 billion in assets under custody.

Bitbuy also said Figment Inc. is offering Bitbuy customers the ability to stake assets, claiming more than 200 customers and billions of dollars in assets have already been staked.

Wealthsimple claimed to be Canada’s first regulated cryptocurrency platform to offer staking in October 2022 when it first announced the service.

Shakepay has become Canada’s newest restricted cryptocurrency dealer and the first Quebec-based cryptocurrency trading program registered with the Ontario Securities Commission, despite Bitbuy’s latest offering announcement. rice field. Shakepay announced the news on his Twitter on May 30, joining 11 other registered platforms.

Another Canadian regulated cryptocurrency platform, VirgoCX, also said it intends to move to staking after raising C$10 million in Series A funding.

Canada’s three regulated cryptocurrency exchanges will merge in April, with Wonderphi, Coinsquare and Coinsmart Financial to combine to create what they claim will be Canada’s largest regulated cryptocurrency trading platform. announced that the three companies had reached an agreement.

Together, Vancouver-based WonderFi, Torontos-based Coinsquare and CoinSmart claim to house more than C$600 million in assets and have more than 1.65 million users.

RELATED: WonderFi clears regulatory hurdles and prepares to close Bitbuy acquisition

Bitbuy had previously eyed Wealthsimple when it added stock trading to its platform in September 2022. At the time, a company spokesperson said Bitbuy was eyeing main competitor Wealthsimple by adding stock trading to its crypto exchange platform. The company said so in a statement to BetaKit.

With an enhanced staking program, Bitbuy appears to be targeting Wealthsimple again.

In general, cryptocurrency market consolidation has come amid new regulatory crackdowns following concerns over platform volatility.

To prevent further FTX collapse, the Canadian Securities Administration (CSA) in May imposed further restrictions on domestic cryptocurrency trading platforms. The changes included prohibiting exchanges from allowing users to buy or deposit stablecoins or proprietary tokens without CSA’s prior written consent.

RELATED: Canadian Securities Regulators Tighten Regulations on Cryptocurrency Platforms Following Voyager, Celsius and FTX Collapses

These tighter rules are putting pressure on cryptocurrency businesses to adhere to new compliance standards in a volatile cryptocurrency market. This has pushed out Paxos, OKX, and even Binance, which announced their withdrawal from Canada in April.

Despite the ongoing crackdown on crypto platforms, the OSCs Investor Advisory Board warned in early June that it continues to believe crypto assets constitute an increased risk for financial consumers.

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2/ https://betakit.com/as-crypto-markets-consolidate-bitbuy-debuts-new-staking-offering/

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