WonderFi Set To Buy Coinberry For $38 Million

WonderFi Technologies, based in Vancouver, has signed a deal to buy Coinberry, another licensed Canadian cryptocurrency platform, less than a month after acquiring Bitbuy Technologies.
WonderFi Set To Buy Coinberry For $38 Million
WonderFi Set To Buy Coinberry For $38 Million

WonderFi, a digital business that provides financial services via DeFi, plans to expand in Canada by purchasing the Coinberry crypto exchange for $38 million in the company stock, according to the company’s current share price.

The project, if implemented, will merge two of Canada’s six recognized digital asset trading sites. The company will gain a total of 160 workers and 750,000 subscribers if authorities and shareholders accept the deal.

Bitbuy, based in Toronto and acquired for $163 million in cash and stock, became fully regulated in November when the Ontario Securities Commission gave its approval. Coinberry, on the other hand, became an OSC member in August of last year.

Coinberry was launched in 2017 and already has over 200,000 members and has processed over $1 billion in transactions. Coinberry bills itself as the “most safe and easiest way” to buy and sell Bitcoin, XRP, and Bitcoin Cash. Ethereum, Litecoin, and Litecoin.

Coinberry, which employs 40 people, including software developers, has received regulatory permission from the OSC. As a result of this deal, WonderFi will have $100 million in assets under custody by the end of December 2021.

“What matters is compliant “What counts is compliant access to crypto, and WonderFi has quickly established itself as a pioneer in Canada,” said Kevin O’Leary, the crypto bull, Shark Tank star and strategic adviser to WonderFi.