WonderFi closes acquisition of crypto trading platform Coinberry
Post the Coinberry acquisition, over 200k more users will be added to the WonderFi ecosystem
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After being listed on the Toronto Stock Exchange last week, Vancouver-based crypto marketplace WonderFi (WNDR) closed its $30 million acquisition of Canadian crypto trading platform Coinberry on Monday. WonderFi shares were up more than 9 percent as soon as the stock was listed for trading. Canada's Competition Bureau, the Ontario Securities Commission (OSC), and other provincial regulatory bodies approved the deal.
The Coinberry acquisition follows the company's $162 million purchase of First Ledger Corp., the parent company of crypto exchange Bitbuy. The agreement is expected to add 220,000 users and $100 million in assets to the WonderFi ecosystem.
“This acquisition further establishes WonderFi as a leader amongst crypto companies in Canada, along with our acquisition of Bitbuy, establishes a great framework for our expansion into global markets in 2022,” said Ben Samaroo, chief executive officer at WonderFi, in April regarding the deal.
He added, “As we continue our consolidation of leading licensed crypto platforms, our user count, revenue and talent pool continue to grow."
WonderFi also intends to acquire other crypto firms as the crypto sector continues to struggle. CEO Ben Samaroo avered that other unregulated crypto trading platforms might face similar problems as Voyager Digital, which had made investments in the troubled hedge fund Three Arrows Capital and had to restrict withdrawals. WonderFi has already begun investigating potential deals for non-regulated exchanges in Canada and worldwide.
