WonderFi Technologies Inc., a software company, plans to buy Mena Software limited ('Crypto APIs'), a data and wallet provider that services customers including Nexo, PayPal, Ledger and Chainlink. On December 14, WonderFi announced that it agreed to acquire all of the issued and outstanding shares of Crypto APIs.
Founded in 2018, Crypto APIs is a leading firm that provides crypto and blockchain market data and tools which are used by a wide variety of market players, including enterprises, wallets and exchanges and institutional investors. The firm is known for developing multi-party computation ('MPC') wallet products that enable the best in MPC security for digital assets, similar to products offered by Copper and Fireblocks.
The WonderFi CEO, Ben Samaroo, talked about the development and said: "Data is the backbone of all financial markets, and is more difficult to obtain in the crypto and DeFi sectors due to the fragmentation of market data across different protocols and blockchains. WonderFi's acquisition of Crypto APIs will help us provide access to high-quality, comprehensive data in order to foster efficiency, transparency and growth in the sector, while directly integrating and supporting WonderFi's own products.”
Meanwhile, Nashwan Khatib, the CEO of Crypto APIs, commented about the development and stated: "To be part of Web 3.0, you need the right infrastructure and tools. Crypto APIs provide businesses with solutions that are the backbone of the Web 3.0 ecosystem. We are excited to join the family of WonderFi as this will allow us to scale up fast, improve our services, develop institutional products and expand into new territories."
Why Are All Big Companies Betting on Crypto?
The development is the latest signal of how major firms are showing an increased interest in the crypto market. With the surging popularity of crypto assets in 2021, many of the world’s top companies have already laid the groundwork and entered the crypto space. Cryptocurrency firms provide a new and potentially appealing opportunity for big investors. While Coinbase is emerging as a serious power player in finance and technology and financial space, transaction providers such as PayPal are making investments in crypto acquisitions. Some traditional banks are also responding to consumer demand for banking services and products to offer cryptocurrency. Meanwhile, consumers should embrace the opportunity to educate themselves and explore the crypto world as they can benefit from the market’s evolution in the long-term.
