WonderFi Tech acquired Coinberry for 30 million?

WonderFi Technologies, a crypto platform, plans to acquire Canadian crypto trading platform Coinberry for $30.6 million as the Kevin O’Leary-backed company continues to consolidate its presence in Canada.

The Vancouver-based WonderFi recently made its $162 million acquisition of BitBuy, a crypto trading platform in Canada with over 400,000 users. 

Coinberry currently services around 220,000 registered Canadian clients. WonderFi expects the all-stock deal for Coinberry to close in Q2. 

The crypto market in Canada remains scattered; thus, consolidation is key for WonderFi, as per the CEO, Ben Samaroo. WonderFi is also thinking of going international this year while diversifying its offerings of virtual asset products. 

Mr. Samaroo noted that WonderFi is in the process of expanding BitBuy’s brand into Australia while “actively looking” at U.S. expansion later this year. 

To round out their products, WonderFi recently declared plans to acquire game developer ‘Sun Machine Entertainment’ at a valuation of $13.5 million to get exposure to play-to-ear gaming and NFTs. That deal is also anticipated to close during Q2. 

Lastly, the company holds O’Leary and FTX’s Sam Bankman-Fried as strategic investors. 

Author: Abhishek Kumar

A self-believer who loves to learn and spread the light of wisdom in his community. You could find him writing about finance, cryptos, and marketing. Moreover, he loves to read non-fiction and drink non-alcoholic drinks.

Leave a Reply

Your email address will not be published.