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.