April 22, 2022
As reported by Betakit, Vancouver-based WonderFi recently entered into a definitive agreement to acquire Coinberry Limited, one of Canada's leading crypto-asset trading platforms and Canada's first pure-play licensed crypto broker. The transaction is valued at approximately $38.3 million in an all-stock deal and is expected to close in Q2 2022.
WonderFi will acquire Coinberry’s 220,000 plus Canadian customers as part of the deal, leading to a combined community of more than 750,000 users. WonderFi claims this will make the firm “one of the largest ecosystems of crypto participants” in North America, and establish WonderFi as Canada’s largest publicly-traded end-to-end consumer platform for crypto and DeFi.
Prior to this deal, WonderFi acquired Bitbuy, a leading cryptocurrency platform and the first approved crypto marketplace in Canada. According to WonderFi’s co-founder and CEO Ben Samaroo, “having two licensed, Canadian-compliant crypto platforms under WonderFi’s belt will give the company more credibility and more recognition from securities regulators and acquisition targets in other jurisdictions, as WonderFi pursues its international expansion plans, which involve moving into Australia and the United States.”
Upon completion of the deal, WonderFi aims to provide a “single unified ecosystem” that combines three separate segments of the crypto ecosystem: (i) centralized finance or the kind of crypto trading offered by Coinberry and Bitbuy; (ii) decentralized finance (DeFi), through its own DeFi product; and (iii) NFTs and gaming.
By: Bukola Adelusi