WonderFi is developing Ethereum-based products in its new innovation division

The new division, named WonderFi Labs, is working on developing layer-2 blockchain and non-custodial wallets.

Toronto cryptocurrency company WonderFi has launched an innovation and development division focused on building decentralized technologies and applications to expand its services beyond a centralized trading platform.

WonderFi Labs will develop products in-house and aim to support external projects based on WonderFi L2.

The new division, named WonderFi Labs, will be led by WonderFi's VP of Engineering Kartik Bajaj and will develop, incubate and invest in on-chain applications. The first project in development is a layer 2 blockchain called WonderFi L2 built on Ethereum and an Ethereum Virtual Machine (EVM)-compatible non-custodial wallet that will connect to WonderFi L2 and other EVM-compatible layer 2 blockchains.

“By establishing WonderFi Labs, we are dedicating resources and an independent division to the development and implementation of new products and services,” Dean Scarca, president and CEO of WonderFi, said in an emailed statement to BetaKit. “This will allow us to strengthen our ecosystem while maintaining our existing strategic roadmap for our exchange business and expansion plans in Australia.”

Skurka added that WonderFi Labs will continue to develop other complementary products in-house and will also look to support external projects based on the WonderFi L2.

Layer 2 refers to technology built on top of existing blockchains such as Ethereum (also known as Layer 1). Layer 2 technology aims to extend the functionality of blockchains while leveraging the security protocols of the base layer. WonderFi did not provide any details about the L2 project other than to say that it will enable lower-cost, faster transactions for users around the world while leveraging the security of Ethereum.

Related: #CDNtech companies Nuvei, WonderFi, Thinkific see revenue growth in Q1 2024

Non-custodial wallets differ from custodial wallets in that they give the owner full control and responsibility over their blockchain-based assets, rather than entrusting the assets to a third party such as an exchange. Being EVM-compatible means that the wallet can communicate with any of several blockchains that use the EVM to verify and execute transactions such as withdrawing and depositing cryptocurrency.

The launch of WonderFi Labs comes just after the first quarter of 2024, which is an interesting time for WonderFi, which trades on the Toronto Stock Exchange and operates multiple cryptocurrency platforms.

The company reported that revenues rose 43.4% quarter-on-quarter to a record high of C$18.5 million, and trading volume on its platform increased 58%. These results came just weeks after WonderFi shareholders claimed the company was underperforming amid a digital asset bull market and demanded changes to the company's board of directors. WonderFi and the dissenting shareholders ultimately signed a cooperation agreement.

Feature image provided by WonderFi.

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