WonderFi Technologies this week confirmed its acquisition of Coinberry Limited.
The Vancouver-based WonderFi, a financial technology startup which recently launched launched on the Toronto Stock Exchange as WNDR, acquired Toronto-born competitor Coinberry for $38 million.
“This acquisition further solidifies WonderFi as a leader amongst crypto companies in Canada,” said WonderFi CEO Ben Samaroo, “and along with our acquisition of Bitbuy establishes a great foundation for our expansion into global markets.”
Prior to these acquisitions, WonderFi was already one of Canada’s leading crypto asset trading platforms registered with the Canadian Securities Administrators. Now WonderFi says it becomes the first company in Canada—and one of the first globally—to own and operate multiple licensed, compliant crypto asset trading platforms fully regulated.
“As we’ve seen over the past few weeks, the crypto market downturn has had a massive impact on the viability of unregulated crypto trading platforms and WonderFi’s value proposition as one of the few regulated crypto businesses makes us well positioned to continue our growth,” added Samaroo.
The acquisition of Coinberry will add more than 200,000 users and $100 million of client assets to the WonderFi group of companies.
“Bringing together the Coinberry and Bitbuy teams under the WonderFi umbrella has created one of the largest combined compliant and licensed crypto companies in Canada,” noted Andrei Poliakov, CEO and cofounder of Coinberry.
Poliakov will join WonderFi as Head of Brokerages and remain with Coinberry as President.
“We are keen to continue building on our common success as we expand into new markets,” he added.
WonderFi is on a mission of create better access to DeFi through their consumer finance app and a digital asset portfolio which consists of crypto and DeFi assets.
When asked why WonderFi decided to list on the TSX when both the exchange and tech sector are down in 2022, Samaroo explained: “As North America’s third-largest exchange, we felt that getting listed on the TSX will attract a new breed of retail and institutional investor to WonderFi.”