WonderFi Technologies today announced that its wholly-owned subsidiary, Bitbuy Technologies, is preparing to acquire all client accounts of Simply Digital Technologies.
Simply Digital was behind CoinSmart, which is also owned by Vancouver-based WonderFi.
Gaining more than a quarter million users from CoinSmart, BitBuy now boasts nearly 900,000 Canadian users.
Toronto’s Coinsquare previously announced plans to acquire CoinSmart for $29 million in 2022, but ultimately backed out, prompting CoinSmart to commence legal proceedings.
In the end, WonderFi acquired CoinSmart alongside Coinsquare over the summer.
Both acquisitions were major additions to what was already a “web3 war chest” by the end of 2022, after WonderFi acquired Toronto’s Coinberry as well as the Blockchain Foundry.
But the ride is not over yet as leadership works to adjust alignment across the Canadian fintech platforms.
This latest strategic move from the tactical WonderFi targets an enhancement of the trading experience for users following the initial acquisition of CoinSmart, according to a statement from the BC fintech.
“We are excited to migrate CoinSmart’s users to the Bitbuy platform,” stated WonderFi Chief Executive Officer Dean Skurka.
By migrating CoinSmart’s clients to Bitbuy, the company aims to “realize cost synergies and operational efficiencies while offering an increased range of services and a more accessible trading experience.”
These synergies and efficiencies place WonderFi on a path toward profitability, believes the CEO.
“This consolidation is part of our company strategy to streamline our operations and realize significant cost savings,” explains Skurka. “As we continue to execute, we are getting closer to our goal of achieving profitability across the company.”
CoinSmart users will gain access to a variety of services exclusive to Bitbuy, including crypto staking, he notes.
Bitbuy is committed to making the transition smooth ; thus, there is no action required on the part of CoinSmart users, as their accounts and funds will be securely migrated to the Bitbuy platform.
Users can expect clear communication and support throughout the process, according to WonderFi, whose combined platform claims over 1.6 million registered users and assets under custody valued at $600 million.