en
Back to the list

WonderFi completes $30M acquisition of crypto platform Coinberry | Invezz

DeFi

invezz.com 04 July 2022 12:01, UTC
  
Reading time: ~2 m

WonderFi Technologies Inc, a leading platform for digital assets adoption, has today closed the $30 million acquisition of Canada-based crypto trading platform Coinberry.

Coinberry boasts regulatory approval from the Canadian Securities Administrators (CSA), and is the country’s first pure-play regulated crypto broker.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

With this acquisition, WonderFi is adding a company with more than 220,000 users and nearly $100 million in customer assets under custody (per details as of 31 March 2022). WonderFi is listed on the Toronto Stock Exchange.

Compliance critical for WonderFi

According to WonderFi CEO Ben Samaroo, acquiring Coinberry combined with the acquisition of Bitbuy in January, is key to the company’s goal of further expansion across global markets. He noted in a press release:

Further, as we’ve seen over the past few weeks, the crypto market downturn has had a massive impact on the viability of unregulated crypto trading platforms and WonderFi’s value proposition as one of the few regulated crypto businesses makes us well positioned to continue our growth.”

Andrei Poliakov, the CEO and co-founder of Coinberry will join WinderFi as Head of Brokerages. He believes the two acquisitions have huge significance for the market. He commented:

Bringing together the Coinberry and Bitbuy teams under the WonderFi umbrella has created one of the largest combined compliant and licensed crypto companies in Canada and we are keen to continue building on our common success as we expand into new markets.”

Kevin O’Leary, a key investor in WonderFi and, recently highlighted the importance of regulatory compliance for the digital assets. The Canadian businessman’s remarks followed WonderFi’s partnership with Web3-focused project Banxa.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, Capital.com
9.3/10
75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Visit site

   Source
Back to the list