Under the terms of the agreement, Bitbuy shareholders will receive approximately $206 million consisting of shares and cash, upfront and deferred.
WonderFi is on a mission of create better access to decentralized finance (DeFi) through their high-growth consumer finance app and a digital asset portfolio which consists of leading crypto and DeFi assets.
The acquisition and integration will establish WonderFi as a leading end-to-end consumer platform for people seeking access to crypto and DeFi.
Bitbuy was founded in 2016 and has grown to become one of North America’s leading crypto marketplaces with over 375,000 users accounting for more than $4.4 billion in transactions.
“The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto,” said Ben Samaroo, CEO of WonderFi.
“A licensed marketplace serves as a crucial gateway to the digital asset economy, and facilitates a robust end-to-end, unified client experience. The integration of Bitbuy’s product suite will accelerate and expand the reach and scope that WonderFi can offer to the market, and will drive long-term growth and value for the Company.”
Bitbuy recently ranked 9th in the Deloitte Technology Fast 50 program, with 3,379% in revenue growth from 2017 to 2020 making it the highest-ranking crypto asset trading platform amongst the Fast 50 winners.
WonderFi’s strategic investors include ex-Dragons Den investor, current Shark Tank star Kevin O’Leary.
“This is a combination of two management teams with excellent executional skills that now have the bandwidth, assets and licenses to provide an institutional grade compliant crypto platform to investors interested in exposure to centralized and decentralized financial services,” O’Leary commented on the acquisition.