The decentralized finance (DeFi) platform, WonderFi Technology announced that it will purchase the crypto trading platform Coinberry for approximately $38.6 million in stock and is expected to close in the second quarter of this year.
Ben Samaroo, CEO at WonderFi, stated, “This acquisition further establishes WonderFi as a leader amongst crypto companies in Canada, and along with our acquisition of Bitbuy, establishes a great framework for our expansion into global markets in 2022.”
With the continuous consolidation of leading licensed crypto platforms, the firm aims to grow their user count, the revenue and the pool of talent.
It is worth noting that Coinberry is one of just six crypto trading platforms that have been licensed to operate by regulators in Canada.
As a part of the takeover, Coinberry CEO Andrei Poliakov and a Coinberry nominee will be up for election to WonderFi’s board of directors at its next yearly meeting.
Also, the Coinberry shareholders will receive nearly 29.1 million freshly-issued common shares of WonderFi.
WonderFi, together with Dapper Labs and Ether Capital, was a member of the recently formed Canadian Web3 Council, which lobbied the Canadian government to develop clear and effective crypto policy solutions.
“We have a shared belief with WonderFi that providing our users with convenient access to crypto wealth building opportunities through a seamless integration and unified access to digital assets is the future and where we are positioning ourselves,” said Poliakov in a release.
