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 .
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 , 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.”
