The transaction follows the $162 million acquisition of Bitbuy’s parent business, First Ledger Corp.
In an all-stock agreement for $38.3 million, WonderFi Technologies has agreed to buy cryptocurrency exchange Coinberry.
The agreement, which involves the addition of Coinberry CEO Andrei Poliakov and another independent member to WonderFi’s board of directors, is anticipated to be completed by June.
The Coinberry transaction follows the business’s $162 million purchase of First Ledger Corp., the parent company of cryptocurrency exchange Bitbuy.
The arrangement would bring 220,000 users and $100 million in assets to the WonderFi ecosystem, according to the business.
WonderFi CEO Ben Samaroo said that this purchase further establishes WonderFi as a leader among Canadian crypto startups. Coupled with our acquisition of Bitbuy, it provides a fantastic framework for our growth into worldwide markets in 2022.
Toronto-based Kevin O’Leary, better known as Mr. Wonderful on Shark Tank, and FTX CEO Sam Bankman-Fried are both investors in WonderFi.
WonderFi’s supervisory group keeps on executing accretive acquisitions, which is critical because it shows the speed and vision behind WonderFi’s arrangement.
In March, the Ontario Securities Commission endorsed the Bitbuy procurement; however, for certain admonitions: The WonderFi group consented to limit admittance to its application for occupants in specific areas while it looked for endorsement from each common and regional protections controller in Canada.
As of now, British Columbia and Alberta inhabitants can keep utilizing the organization’s application.