WonderFi Technologies Acquires a Second Cryptocurrency Exchange in Canada

WonderFi Technologies acquires Coinberry, a regulated cryptocurrency exchange in Canada (pending regulatory approval). The definitive agreement is to acquire Coinbery for $25.54 million.

The acquisition is pending regulatory approval.

Coinberry was founded in 2017 and has over 200,000 clients in Canada. Over $1 billion crypto transactions have been made at Coinberry to this date. The crypto exchange offering trade in 29 cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Aside from Bitcoin and Ethereum, Coinberry also offers trading in Maker (MKR), Yearn.Finance (YFI) and the Graph (GRT).

Upon the completion of the acquisition, WonderFi will run 2 out of the 6 registered crypto trading platforms in Canada. In other words, WonderFi will have a 33% market share in Canada.

Officials Statements

Coinberry's CEO and Founder, Andrei Poliakov said: "We have a shared belief with WonderFi that seamless integration and unified access to digital assets is the future and where we want to be positioned.

“We chose this route for Coinberry because we felt it was the best thing for our loyal Canadian users, and this merger will give users access to the best prices, the best products and the best service.”

Ben Samaroo, the CEO of WonderFi, said: "WonderFi set a precedent with the acquisition of Bitbuy as it was the first acquisition of a licensed crypto platform in Canada.

“As we have now carved the path for this type of acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term, we expect that the Coinberry deal will achieve regulatory approval on a shorter timeline.”

WonderFi acquired First Ledger Corp, the parent company of Bitbuy Technologies in March. WonderFi paid $161.8 million cash and stocks. In addition, it acquired Crypto API in 2021.

Kevin O’Leary, an entrepreneur and WonderFi advisor and investor, 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.”