WonderFi Technologies, based in Vancouver, has sealed an agreement to purchase another licensed Canadian cryptocurrency platform, less than a month after completing its takeover of Bitbuy Technologies.<\/p>\n
WonderFi, a tech company\u00a0that gives financial services access via DeFi, intends to continue its expansion in Canada by acquiring the Coinberry crypto\u00a0exchange for $38 million in WonderFi stock, based on the company\u2019s current share price.<\/p>\n
If implemented, the project will consolidate two of Canada\u2019s six registered digital asset trading sites. And,\u00a0if regulators and shareholders approve the purchase, WonderFi will gain a total of 160 employees and 750,000 customers.<\/p>\n
Suggested Reading | AMC Theatres Accepts Dogecoin, Shiba Inu, Other Crypto Via Mobile App<\/a><\/strong><\/em><\/p>\n Bitbuy, headquartered in Toronto and acquired for around $163 million in cash and stock, became fully regulated last November after being approved by the Ontario Securities Commission. Coinberry, on the other hand, registered with the OSC in August of last year.<\/p>\n Coinberry was founded in 2017 and services more than 200,000 users, with\u00a0more than\u00a0$1 billion in transactions to date. Coinberry bills itself as \u201cthe simplest and most secure way\u201d to purchase and sell Bitcoin, XRP, and Bitcoin Cash. Litecoin, Ethereum, and Litecoin.<\/p>\n Coinberry, which employs 40 people, including software developers, got regulatory approval from the OSC\u00a0barely eight months ago. WonderFi will add $100 million in assets under custody as a result of this transaction at\u00a0the end of December 2021.<\/p>\n \u201cWhat counts is compliant access to crypto, and WonderFi has quickly established itself as a pioneer in Canada,\u201d said Kevin O\u2019Leary, the crypto bull,\u00a0Shark Tank star and strategic adviser to WonderFi.<\/p>\n Suggested Reading | Hydra Loses Head: Russia Collars Mastermind Of The World\u2019s Biggest Darknet Marketplace<\/a><\/em><\/strong><\/p>\n In the face of\u00a0increased regulatory pressure and growing\u00a0customer acquisition costs as multiple platforms compete for the same customers, WonderFi co-founder and CEO Ben Samaroo anticipates more mergers\u00a0in Canada\u2019s crypto market \u2014 including from WonderFi.<\/p>\n Samaroo stated in an interview:<\/p>\n \u201cSeveral of these platforms, like Coinberry, have done an outstanding job of expanding their businesses\u2026 however, we\u2019re nearing the point where a large number of players are vying for the same users.\u201d<\/p>\n<\/blockquote>\n \u201cIt\u2019s basically a springboard for us to expand into larger jurisdictions as we get traction in the United States and other major countries,\u201d Samaroo explained.<\/p>\n The transaction, which is subject to shareholder and regulatory clearances, is scheduled to be\u00a0completed\u00a0in the second quarter of 2022.<\/p>\n \u201cAs the sector matures, consolidation is inevitable,\u201d Coinberry founder and CEO Andrei Poliakov told BetaKit. \u201cWe anticipated this would occur, and it has.\u201d<\/p>\n![\"\"](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/04\/k-640x408.png\")
<\/p>\nWonderFi Takes Over Coinberry<\/h2>\n
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BTC total market cap at $773.54 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
More Mergers To Come<\/h2>\n
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Featured image from YouTube, chart from TradingView.com<\/a><\/pre>\n<\/p><\/div>\n