DeFi platform WonderFi to buy Canadian crypto exchange Coinberry

The platform plans to close the deal by the end of this year and enter the global market

19.04.2022 - 12:50

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2 min

What’s new? DeFi platform WonderFi Technologies will buy Canadian cryptocurrency exchange Coinberry to enter the global market. According to WonderFi strategic investor Kevin O’Leary, this move demonstrates the visionary nature of the platform’s plans. The deal is estimated at $38,3 million. The parties plan to close it in the second quarter of 2022. This is reported in a press release of the platform.

WonderFi Technologies’ press release

What is known about WonderFi? It is a technology company that provides individuals with access to financial services through DeFi. WonderFi was founded in 2021 and is headquartered in Vancouver. The co-founder and CEO of the company is Ben Samaroo. The platform’s investors include FTX crypto exchange CEO Sam Bankman-Fried and a Canadian entrepreneur and the star of the TV show Shark Tank Kevin O’Leary.

What is known about Coinberry? It is a cryptocurrency exchange founded in 2017 in Toronto. The co-founder and CEO of the exchange is Andrei Poliakov. Coinberry is registered with the Ontario Securities Commission (OSC).

What preceded it? WonderFi had previously bought crypto platform Bitbuy, which became the first trading platform registered with the OSC. WonderFi will soon have ownership rights of Canada’s two authorized crypto providers, Bitbuy and Coinberry.

Kevin O’Leary previously stated that the price of bitcoin will never fall to zero. He explained that he sees cryptocurrency as a means of savings. O’Leary noted that he has set aside equal shares of his portfolio for bitcoin and gold (5% each).

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