Kevin O’Leary-backed WonderFi to acquire Coinberry for $38.5 million in next phase of consolidation strategy — via financialpost Finance Cryptocurrency
WonderFi said the deal would put about one-third of Canadian registered crypto trading platforms under its wing with more planned acquisitions to come. It would also make the company the largest publicly traded end-to-end crypto platform.
“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 WonderFi executive team left to right: Dean Skurka, Bitbuy president; Kevin O’Leary, WonderFi strategic investor; Ben Samaroo, WonderFi CEO.The deal comes only a few months after WonderFi snapped up regulated crypto marketplace Bitbuy for $206 million. Ben Samaroo, co-founder and chief executive officer of WonderFi, told the Financial Post this acquisition establishes WonderFi as a Canadian consolidator that can tackle 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 also draw from Coinberry’s talent pool of 40 staff, including engineers.
When it comes to looking outward to other jurisdictions, Samaroo said that WonderFi’s regulated crypto platforms and their more benevolent approach to working with regulators gives them a competitive advantage over those that have skirted regulations. For now, Samaroo said WonderFi could be looking to the U.S. and Australia as other target markets outside of Canada.
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