WonderFi plans a $31 million (456 mil) acquisition of Coinberry Crypto Exchange

WonderFi recently completed the acquisition of Bitbuy, another trading platform. WonderFi Technologies, the Kevin O’Leary-backed crypto platform, announced Monday that it intends to purchase Canadian crypto trading platform Coinberry for $30.6 million (R449 mil) as the company continues to consolidate its presence in Canada.

WonderFi, based in Vancouver, recently completed its $162 million (R2.4 bn) acquisition of Bitbuy, a cryptocurrency trading platform in Canada with over 400,000 users. Coinberry currently serves over 220,000 registered Canadian customers. WonderFi anticipates that the all-stock deal for Coinberry will be completed in Q2.

According to WonderFi CEO Ben Samaroo, the Canadian crypto market is still fragmented, so consolidation is critical. WonderFi also intends to expand globally this year while diversifying its digital asset product offerings.
WonderFi, according to Samaroo, is in the process of expanding Bitbuy’s brand into Australia, while “actively looking” at expanding into the United States later this year.

WonderFi recently announced plans to acquire game developer Sun Machine Entertainment for $13.5 million (R198 mil) in order to gain exposure to play-to-earn gaming and non-fungible tokens (NFTs). This transaction is also expected to close in the second quarter.

“It’s really another stream to acquire users,” Samaroo said of the Sun Machine deal, noting its potential to reach users who aren’t specifically interested in cryptocurrency trading. As a result, those players can earn NFTs and redeem them via WonderFi’s combined platforms.

O’Leary and FTX’s Sam Bankman-Fried are among the company’s strategic investors.
“What matters is compliant access to cryptocurrency, and WonderFi has quickly established itself as a leader in Canada.” “Global is the next stop,” O’Leary said in a statement.



South Africa’s primary source of financial tools and information

Contact Us



Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.