WonderFi completes $30 million acquisition of cryptocurrency platform Coinberry

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WonderFi Technologies Inc, a leading Crypto asset adoption platform, today completed the acquisition of Canadian cryptocurrency exchange Coinberry for $30 million.

Coinberry has regulatory approval from the Canadian Securities Administration (CSA) and is the first regulated pure-play cryptocurrency broker in the country.

With this acquisition, WonderFi adds a company with over 220,000 users and nearly $100 million in client assets in custody (details as of March 31, 2022). WonderFi is listed on the Toronto Stock Exchange.

WonderFi’s compliance is critical

WonderFi CEO Ben Samaroo said the acquisitions of Coinberry and Bitbuy in January were key to the company’s goal of further expansion in the global market. He stated in the press release:

Additionally, as we’ve seen over the past few weeks, the downturn in the cryptocurrency market has had a huge impact on the viability of unregulated crypto exchanges, and WonderFi’s value proposition as one of the few regulated crypto businesses makes We can continue to grow. “

Coinberry CEO and co-founder Andrei Poliakov will join WinderFi as head of brokerage. He believes that these two acquisitions are significant to the market. He commented:

Integrating the Coinberry and Bitbuy teams under the WonderFi umbrella has created one of Canada’s largest compliant and licensed cryptocurrency companies, and we are eager to continue building on our mutual success as we expand into new markets. “

WonderFi’s lead investor Kevin O’Leary recently highlighted the importance of regulatory compliance for Crypto assets. The Canadian businessman’s remarks come after WonderFi partnered with Banxa, a Web3-focused project.

The post WonderFi Completes $30M Acquisition of Cryptocurrency Platform Coinberry appeared first on Invezz.

Source of information: Compiled from BITCOININSIDER by 0x information.The copyright belongs to the author Anonymous, and may not be reproduced without permission

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