1 month ago
When Dean Skurka joined Bitbuy successful 2018, the level had lone 4 employees, a fewer 1000 users, and astir $25 cardinal successful trading volume. Fast-forward to today, Skurka present oversees WonderFi: A institution that’s consolidated aggregate Canadian exchanges, boasts 1.7 cardinal accounts, and guards $2 cardinal successful lawsuit assets.
But Skurka isn’t conscionable sitting connected a home empire—he’s gathering outward.
In a speech with CoinDesk, WonderFi's president and CEO, Dean Skurka, elaborate his company's adjacent chapter: launching a Layer-2 blockchain successful concern with zkSync and expanding into Australia, a state helium says “checks some boxes” of regulatory clarity and beardown adoption. He besides discussed the outlook for centralized exchanges and however Canada's crypto scenery is changing.
Here is an edited and shortened mentation of his speech with CoinDesk, up of his quality astatine Consensus 2025 successful Toronto.
Layer 2 push
The centralized speech said successful February that it is launching a Layer 2 blockchain based connected ZKsync to link its users to decentralized concern (DeFi).
"When we deliberation astir the semipermanent inclination crossed the industry, we spot a truly beardown synergy betwixt centralized exchanges, wherever the users are originating oregon the assets are originating, and giving them a seamless span to everything that's happening connected concatenation today."
Skurka says WonderFi's cognition of moving trading platforms, regulatory credibility, and plus basal gives it an borderline implicit a plethora of different Layer 2s connecting DeFi.
Unlike immoderate different rival Layer 2 chains launched with splashy token incentives oregon VC hype, Skurka says WonderFi’s attack is much grounded and long-lasting. It plans to foster semipermanent usage done builder incentives, hackathons and ecosystem support.
Centralized vs decentralized exchanges
Rather than viewing decentralized exchanges arsenic competitors for centralized exchanges, Skurka sees them arsenic extensions. Centralized exchanges supply the span for first-time users to spell from buying and selling crypto connected regulated and trusted platforms to on-chain activities that unfastened up much innovative caller products that beryllium successful the crypto ecosystem.
"[Centralized exchanges] are gathering retired the components that volition let their users to seamlessly interact connected chain, but astatine the aforesaid clip gathering up the the capabilities connected the speech broadside to look much akin to accepted fiscal work products, which we deliberation volition make incremental worth connected some sides implicit the adjacent 5 to 10 years," helium said.
Evolution of crypto successful Canada
WonderFi is simply a ascendant speech successful Canada, and capable to observe however the crypto scenery is changing successful the country.
Canada has a beardown crypto history—Ethereum and the archetypal spot bitcoin ETF were some calved there. It was besides 1 of the archetypal countries to person a regulatory model for crypto trading platforms.
"Some of the much innovative products and services that beryllium wrong this abstraction person moved offshore oregon extracurricular of Canada due to the fact that of the deficiency of clarity astir those products and services," helium said, pointing to products specified arsenic DeFi applications, Layer 2 blockchains and derivatives.
WonderFi is present aiming to alteration that, aft moving intimately with Canadian regulators to make trading and staking guidelines.
"We are moving manus successful manus with regulators to springiness them comfortableness connected immoderate of these newer, much innovative products and services, and hopefully that volition promote entrepreneurs, builders, developers, to truly enactment successful Canada and physique products with confidence," Skurka added.
And with the U.S. present becoming much unfastened to crypto and galore exchange-traded funds unfastened to investors, the mindset successful Canada is starting to displacement arsenic well. WonderFi, which has been a mostly retail-dominated platform, is present seeing involvement from Canadian organization investors specified arsenic household offices and backstage equities who privation vulnerability to integer assets.
"I deliberation that's been a truly large displacement implicit the past year, and that's thing [institutional investors' interest] that we expect to truly accelerate successful the adjacent fewer years," Skurka said.
Australia and beyond
Skurka isn't stopping astatine Canada; helium is looking to grow his company's scope to different regions, starting with Australia—a state Skurka describes arsenic having “clear, concise regulation” and a beardown crypto adoption rate.
"Australia was a truly bully marketplace for america to people initially, and from there, we'll truly look for different markets," Skurka said.
The mighty volatility
Like the crypto's 24/7 nature, a CEO's occupation successful this fast-paced manufacture is ne'er done.
In Skurka's case, it's precisely what keeps him up astatine night: volatility— thing that shapes the manufacture cognition and sentiments.
"It's astir apt conscionable the short-term volatility that truly impacts the outlook connected the concern and has an interaction connected the users, the staff, and the squad morale. And truthful it's truly conscionable thing that we truly look to to equilibrium arsenic champion we can," Skurka said.
But having been successful the manufacture since 2018 and navigating utmost ups and downs, he’s learned to thrust retired the volatility.
"I deliberation we person a truly bully grip connected it, and we've got a truly beardown squad that understands the 24-hour quality of this business—the volatility of this business—and we're successful a truly bully spot," Skurka added.
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