Canada’s WonderFi Bulks Up Further With Planned $31M Acquisition of Coinberry Crypto Exchange
Crypto platform WonderFi Technologies intends to buy Canadian crypto trading platform Coinberry for $30.6 million as the Kevin O’Leary-backed company continues to consolidate its presence in Canada, WonderFi said Monday.
The two companies have entered into a definitive agreement under which WonderFi will buy all of the issued and outstanding shares of Coinberry. The deal is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of this year.
WonderFi is based in Vancouver, Canada. It recently closed its $162 million acquisition of Bitbuy, a crypto trading platform in Canada with almost half a million users. Coinberry is a Toronto-based startup that operates a trading platform and currently services more than 220,000 registered Canadian clients. WonderFi expects the all-stock deal for Coinberry to close in Q2 2022.
According to WonderFi CEO Ben Samaroo, this consolidation is key for the Canadian crypto market. WonderFi plans to use Coinberry’s tech stack as an integral piece. WonderFi also has plans to expand its global presence in 2022 while increasing its digital asset products portfolio.
Samaroo further noted that WonderFi is in the process of expanding Bitbuy’s brand into Australia, while “actively looking” at U.S. expansion later this year. The company is also eyeing expansion in Europe.
“The acquisition of Coinberry is part of our stated goal to be the global leader in digital currency trading and custody, and we are thrilled to welcome the Coinberry team into the fold,” said Samaroo.
To complete the portfolio, WonderFi recently announced plans to purchase video game developer Sun Machine Entertainment for $13.5 million to venture into the field play-to-earn gaming and non-fungible tokens (NFTs). This mega deal is also expected to close during Q2.
“It’s really another stream to acquire users,” Samaroo said of the Sun Machine deal, noting its potential to reach users that aren’t focused on crypto trading. In turn, those gamers can earn NFTs and claim them through WonderFi’s combined platforms.
“We think it’s a great way to combine all of these communities together, and have one singular place for people to kind of go and experience everything that crypto has to offer,” Samaroo said.