Friday, December 9, 2022

Canada’s WonderFi Plans $31M Acquisition Of Coinberry Exchange

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Canada’s WonderFi plans a $31M acquisition of the Coinberry exchange as it recently completed the purchase of Bitbuy which is another trading venue so let’s read more today in our latest cryptocurrency news today.

Canada’s WonderFi platform aims to buy the Canadian platform CoinBerry for $30.6 million after the Kevin O’Leary-backed company continues to enhance its presence in Canada. The Vancouver-based company closed its $162 million acquisition of BitBuy which is a trading platform in Canada with more than 400,000 users. Coinberry now services more than 220,000 registered users and WonderFi expects the stock deal for the platform to close in Q2.

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Canada’s market remains fragmented and the consolidation is the key for the company as per CEO Ben Samaroo WonderFi plans to expand globally the year while diversifying the offerings of the digital asset products. Samaroo noted that WonderFi is in the process of expanding the brand into Australia while looking at a US Expansion later this year. To round out the product offerings, Wonderfi announced more plans to buy the game developer Sun Machine Entertainment for $13.5 million as it was trying to gain exposure and NFTs but the deal is also expected to close during Q2. Samaroo noted:

“It’s really another stream to acquire users.”

Samaroo said that the Sun Machine deal notes that the potential to reach these users is not focused on crypto trading. The gamers can earn NFTs and claim them through WonderFi’s combined platform. The company counted O’Leary and FTX Sam Bankman Fried as strategic investors:

“Compliant access to crypto is what matters and WonderFi has quickly established itself as a leader in Canada. Next stop, global.”

wonderfi

As recently reported, Citing compliance with local jurisdictions, Coinbase announced to be collecting furhter information from users based in Japan, Singapore, and Canada. Effective from April 1st, Coinbase users from these countries will have to provide more information while sending crypto to a different non-coinbase platform. Coinbase will track crypto transfers but the Japanese and Singaporean investors will have to share further information about the recipients unless they send less than $801 as they will be exempted from the requirement. As shown in the screenshots, Canadian users will have to share the full name and the residential address of the recipient, and the users in Canada that suffice the two conditions will require to provide the recipient’s information while transferring the funds between their own wallets.

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