WonderFi to acquire crypto exchange Coinberry, just weeks after closing Bitbuy deal
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 18/04/2022 (1613 days ago), so information in it may no longer be current.
TORONTO – WonderFi Technologies Inc. announced Monday plans to acquire Toronto-based cryptocurrency exchange Coinberry, as consolidation continues in Canada’s digital asset sector.
The Kevin O’Leary-backed company said in a release that the deal is valued at approximately $38.6 million in stock.
The move will put two of Canada’s registered crypto-trading platforms under one umbrella.
“Compliant access to crypto is what matters and WonderFi has quickly established itself as a leader in Canada,” O’Leary said.
The agreement comes as cryptocurrency leaders push for a national strategy with clearer, friendlier policies for the cryptocurrency industry, and only a few weeks after WonderFi closed its deal to buy Bitbuy Technologies Inc., another Toronto-based cryptocurrency exchange.
WonderFi said its community of registered users will grow to over 750,000 with the purchase of Coinberry. Founded in 2017, Coinberry services more than 220,000 users, with over $1 billion transacted to date.
Coinberry received regulatory approval by the Ontario Securities Commission just eight months ago. Through this deal, WonderFi will add $100 million of assets under custody as of the end of December, 2021.
WonderFi CEO Ben Samaroo said the acquisition, along with the Bitbuy deal, “establishes a great framework” for the company’s expansion into the global markets this year. WonderFi said it is looking to make more acquisitions.
WonderFi also said that with the addition of Coinberry, it will become Canada’s largest employer of crypto-industry professionals, with over 160 employees.
The deal is expected to close in the second quarter of 2022 and is subject to shareholder and regulatory approvals.
This report by The Canadian Press was first published April 18, 2022.