Kevin O'Leary-backed WonderFi to buy Coinberry


On April 18,
Vancouver-based WonderFi Technologies Inc. WNDR-NE announced an agreement that
it is intending to acquire Toronto-based crypto trading platform Coinberry Ltd.
for $38.5-million in shares.
The
decentralized finance platform WonderFi said the deal would put around 33% of
Canadian enrolled crypto exchanging stages under the care of its with
additional arranged acquisitions to come.
“WonderFi’s
management team continues to execute on accretive acquisitions and this is an
extremely important one because it shows the speed and vision behind WonderFi’s
plan,” said Kevin O’Leary, Shark Tank star and WonderFi’s strategic adviser.
“Compliant access to crypto is what matters and WonderFi has quickly
established itself as a leader in Canada. Next stop, global.”
The agreement
comes to a couple of months after WonderFi gobbled up-regulated crypto commercial
center Bitbuy for $206 million. Ben Samaroo, CEO & co-founder of WonderFi,
told this deal lays out WonderFi as a Canadian consolidator that can handle the
world stage.
“It’s really a
springboard for us getting into larger jurisdictions as we get taken more
seriously from U.S. and other larger markets, whereas I think it’s quite
difficult for somebody standalone … to do that,” Samaroo said, adding that
WonderFi can likewise draw from Coinberry’s talent pool of 40 staff, including
engineers.
Kevin O'Leary
said in an interview that there are "several more and even bigger"
acquisitions to come. Whenever supported by controllers and investors, the
Coinberry arrangement would provide WonderFi with a sum of approximately 160
staff and 750,000 clients.
“We’re
definitely setting ourselves up to go toe to toe on the global stage,” the
Dragon’s Den star said, adding that the acquisition will put the company in a
better position to compete with large foreign exchanges such as Coinbase,
Crypto.com, FTX, and Binance. “But remember, we’re doing it on a regulated
basis, unlike those other players. We are 100 percent operating under the order
and we’re not taking any risks on that.”

Joyashree Dey
CBW - External Analyst
INDIA