Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry

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WonderFi Technologies Inc, the Vancouver-based decentralised platform, is set to acquire the Toronto-based digital asset trading exchange, Coinberry, for $38.5 million in the next phase of its consolidation strategy. WonderFi aims to position itself as a market consolidator and target crypto exchanges with Canadian licenses. 

WonderFi’s co-founder and chief executive officer, Ben Samaroo, said that the Coinberry deal would place WonderFi as a Canadian consolidator at the global level. He said, “It’s really a springboard for us getting into larger jurisdictions as we get taken more seriously from US and other larger markets, whereas I think it’s quite difficult for somebody standalone… to do that.”

The company said the deal would bring 1/3rd of the crypto exchanges registered in Canada under it, and more such acquisitions are underway. The consolidation drive would make WonderFi the largest end-to-end crypto platform trading publicly. WonderFi had earlier acquired Bitbuy—the crypto marketplace—for $206 million. Bitbuy is fully regulated by the Ontario Securities Commission (OSC). Coinberry also acquired the OSC license in August 2021. 

This deal will result in WonderFi owning two of the six regulated Canadian exchanges. The four other platforms registered with the OSC include CoinSmart, Wealthsimple, Netcoins, and Fidelity. Shark Tank Famed Kevin O’Leary, the strategic advisor at WonderFi, confirmed that the customers of both the exchanges wouldn’t see any immediate changes, but WonderFI has plans to bring new features to each of the platforms. 

Kevin O’Leary said, “WonderFi’s management team continues to execute on accretive acquisitions, and this is an extremely important one because it shows the speed and vision behind WonderFi’s plan. Compliant access to crypto is what matters, and WonderFi has quickly established itself as a leader in Canada. Next stop, global.”