WonderFi Is All Set To Purchase A Canadian Cryptocurrency Exchange

Wonder Technologies, located in Vancouver, has made a deal to buy another certified crypto platform in Canada after taking charge of Bitbuy Technologies in a month. WonderFi is a tech firm that provides economic services access through DeFi, showing intentions to expand its business in Canada by getting Coin berry cryptocurrency exchange for 38 million dollars in WonderFi stock, which is based on the firm’s present share cost.

The implementation of this project will combine two digital trading-based assets sites out of six in Canada, and if stakeholders and regulators allow the purchase, with this permission, WonderFi will get nearly 160 staff and 750,000 consumers. Bitbuy’s headquarter is in Toronto and gained a worth of 163 million dollars in cash and stock. Ontario Securities Commission (OSC) regulated this firm in previous November. Coin berry got the license from Ontario Securities Commission (OSC) in August 2021.

Coin berry was launched in 2017, provided service to over 200,000 clients, and done business of 1 billion dollars. Coin berry is considered the easiest and safest way to buy and sell BTC, XRP, BTC Cash, Litecoin, and Eth. Coinberry appointed forty people, including which software, got the license from Ontario Securities Commission hardly eight months ago.

WonderFi invested 100 million dollars in the assets under supervision in Dec. 2021, keeping in view the result of this transaction. WonderFi adviser Kevin O’Leary stated that the important thing is access to cryptocurrency, and WonderFi proved itself a true pioneer in Canada.

According to WonderFi Chief Executive officer and co-founder Ben Samaroo, many platforms are competing with each other in the market for the same consumers, and the market is also dealing with increasing regulatory burdens and consumers’ rising acquisition prices, so there’s a possibility the cryptocurrency market including WonderFi will witness more mergers.

Ben Samaroo told in an interview that many platforms, such as Coin Berry, expanded their business remarkably, but they are standing at that point where many players are in search of the same clients. He added that it is a beginning point for them to expand into a bigger authority as they get traction in the US and many other big countries. The transactions linked with regulatory clearances and stakeholders are expected to get completion in 2022.

According to the report of Betakit, Coin berry’s founder and Chief Executive Officer Andrei said, as the sector blooms, unification is undeniable. He said that as they predicted, it would happen, and this has happened.

Leave a Reply

Your email address will not be published. Required fields are marked *