Crypto exchange operator WonderFi announced on Wednesday that it has entered into an agreement with Eightcap that will see it use the Aussie broker’s technology to offer trading products to its clients.
Eightcap’s trading technology is called Embedded and the firm describes it as a ‘trading-as-a-service’ product. The technology is plug and play, meaning third-parties can easily connect to Embedded and start offering trading products to their clients.
In a statement, WonderFi said it will use Eightcap’s technology to offer CFDs to its end clients in Australia and Canada. WonderFi operates two separate brands in those countries – Coinsquare in Canada and Bitbuy in Australia.
Eightcap will also handle CFD liquidity provision and trade settlement for the partnership, which is expected to go live in the second half of this year.
“We’re thrilled to add WonderFi to our growing list of Embedded partners,” said Patrick Murphy, Chief Commercial Officer at Eightcap.
“This collaboration is another major step forward in bridging decentralized finance (DeFi) and traditional finance (TradFi). It will allow crypto traders to seamlessly trade both crypto and TradFi assets in a secure and regulated setting. As the first of its kind in Canada, we expect this partnership to drive innovation and offer unmatched flexibility for traders.”
Crypto providers have been branching out more into CFDs and other products in the last couple of years.
Bybit, for example, offers CFD trading on MetaTrader and Crypto.com also has a roadmap to launch CFD products as well.
