When Dean Skurka joined Bitbuy in 2018, the platform had solely 4 staff, just a few thousand customers, and about $25 million in buying and selling quantity. Quick-forward to at this time, Skurka now oversees WonderFi: An organization that’s consolidated a number of Canadian exchanges, boasts 1.7 million accounts, and guards $2 billion in consumer property.
However Skurka isn’t simply sitting on a home empire—he’s constructing outward.
In a dialog with CoinDesk, WonderFi’s president and CEO, Dean Skurka, detailed his firm’s subsequent chapter: launching a Layer-2 blockchain in partnership with zkSync and increasing into Australia, a rustic he says “checks each containers” of regulatory readability and powerful adoption. He additionally mentioned the outlook for centralized exchanges and the way Canada’s crypto panorama is altering.
Right here is an edited and shortened model of his dialog with CoinDesk, forward of his look at Consensus 2025 in Toronto.
Layer 2 push
The centralized change mentioned in February that it’s launching a Layer 2 blockchain based mostly on ZKsync to attach its customers to decentralized finance (DeFi).
“Once we take into consideration the long-term development throughout the business, we see a extremely sturdy synergy between centralized exchanges, the place the customers are originating or the property are originating, and giving them a seamless bridge to all the pieces that is taking place on chain at this time.”
Skurka says WonderFi’s information of working buying and selling platforms, regulatory credibility, and asset base provides it an edge over a plethora of different Layer 2s connecting DeFi.
Not like another rival Layer 2 chains launched with splashy token incentives or VC hype, Skurka says WonderFi’s method is extra grounded and long-lasting. It plans to foster long-term use by means of builder incentives, hackathons and ecosystem assist.
Centralized vs decentralized exchanges
Somewhat than viewing decentralized exchanges as rivals for centralized exchanges, Skurka sees them as extensions. Centralized exchanges present the bridge for first-time customers to go from shopping for and promoting crypto on regulated and trusted platforms to on-chain actions that open up extra progressive new merchandise that exist within the crypto ecosystem.
“[Centralized exchanges] are constructing out the parts that may enable their customers to seamlessly work together on chain, however on the identical time build up the the capabilities on the change facet to look extra akin to conventional monetary service merchandise, which we predict will create incremental worth on each side over the following 5 to 10 years,” he mentioned.
Evolution of crypto in Canada
WonderFi is a dominant change in Canada, and in a position to observe how the crypto panorama is altering within the nation.
Canada has a powerful crypto historical past—Ethereum and the primary spot bitcoin ETF have been each born there. It was additionally one of many first nations to have a regulatory framework for crypto buying and selling platforms.
“Among the extra progressive services and products that exist inside this area have moved offshore or exterior of Canada due to the dearth of readability round these services and products,” he mentioned, pointing to merchandise equivalent to DeFi functions, Layer 2 blockchains and derivatives.
WonderFi is now aiming to alter that, after working intently with Canadian regulators to create buying and selling and staking tips.
“We’re working hand in hand with regulators to offer them consolation on a few of these newer, extra progressive services and products, and hopefully that may encourage entrepreneurs, builders, builders, to actually keep in Canada and construct merchandise with confidence,” Skurka added.
And with the U.S. now changing into extra open to crypto and lots of exchange-traded funds open to traders, the mindset in Canada is beginning to shift as properly. WonderFi, which has been a largely retail-dominated platform, is now seeing curiosity from Canadian institutional traders equivalent to household places of work and personal equities who need publicity to digital property.
“I feel that is been a extremely large shift during the last yr, and that is one thing [institutional investors’ interest] that we count on to actually speed up within the subsequent few years,” Skurka mentioned.
Australia and past
Skurka is not stopping at Canada; he’s seeking to develop his firm’s attain to different areas, beginning with Australia—a rustic Skurka describes as having “clear, concise regulation” and a powerful crypto adoption charge.
“Australia was a extremely good marketplace for us to focus on initially, and from there, we’ll actually search for different markets,” Skurka mentioned.
The mighty volatility
Just like the crypto’s 24/7 nature, a CEO’s job on this fast-paced business isn’t executed.
In Skurka’s case, it is precisely what retains him up at evening: volatility— one thing that shapes the business notion and sentiments.
“It is most likely simply the short-term volatility that basically impacts the outlook on the enterprise and has an impression on the customers, the workers, and the crew morale. And so it is actually simply one thing that we actually look to to stability as greatest we will,” Skurka mentioned.
However having been within the business since 2018 and navigating excessive ups and downs, he’s realized to journey out the volatility.
“I feel we now have a extremely good deal with on it, and we have got a extremely sturdy crew that understands the 24-hour nature of this enterprise—the volatility of this enterprise—and we’re in a extremely great place,” Skurka added.
