WonderFi Subsidiary Bitbuy Technologies Announces Asset Purchase Acquisition of Bitvo Client Accounts and Bitvo.ComThursday, November 16, 2023
Vancouver, BC, November 15, 2023--(T-Net)--WonderFi Technologies Inc. (TSX: WNDR) today announced that its wholly-owned subsidiary Bitbuy Technologies Inc. has purchased all of the client accounts of Bitvo Inc., and the Bitvo.com domain.
Bitvo is a crypto-trading platform based in Calgary, Alberta that is registered as a restricted dealer with the securities commissions in all provinces and territories in Canada. All financial references are in Canadian dollars unless otherwise noted.
Bitbuy has acquired the 17,000+ registered client accounts of Bitvo, that have generated over $235 million in trading volume, and over $1.5 million in net revenue during the past twelve-months. Additionally, in October 2023, Bitvo generated over $35 million in trading volume, and approximately $375,000 in net revenues.
The Transaction was completed by way of an asset purchase agreement.
Key Details and Other Information Include:
Following this acquisition, WonderFi sys it has now consolidated Bitbuy, Coinberry, Coinsquare, CoinSmart, and the Bitvo client accounts, which represents the client accounts, trading volumes, and associated net revenues from five of the eleven registered crypto-trading platforms in Canada.
Dean Skurka, President and Interim CEO, WonderFi
"We are excited to welcome Bitvo's clients to the WonderFi ecosystem," said WonderFi President and Chief Executive Officer, Dean Skurka. "The acquisition of Bitvo's clients represents a non-dilutive acquisition for WonderFi, with immediate cash flow, increased scale, and an expected payback period of less than six months. This acquisition also accelerates our growth efforts, and diversifies our client profile with Bitvo's strong institutional client base. We look forward to working with the Bitvo team to ensure a smooth transition," added Mr. Skurka.
"We look forward to joining forces with Bitbuy and having Bitvo's clients continue to enjoy the same great experience provided by Bitvo," said Jeffrey Smith, Chairman of the Board of Bitvo. "We chose to partner with Bitbuy due to our longstanding relationship with the Bitbuy team and their commitment to providing an overall great crypto trading experience," added Pamela Draper, President and Chief Executive Officer of Bitvo.
This strategic move is part of WonderFi's plan to enhance the crypto trading experience for Canadians. By acquiring Bitvo's clients, Bitbuy says it aims to offer an increased range of services and a more accessible trading experience. Bitvo client accounts will gain access to a variety of services offered on Bitbuy, including regulated staking.
WonderFi owns, operates, and invests across the global digital asset ecosystem. It owns and operates two of Canada's most well-known and established crypto trading platforms, Coinsquare and Bitbuy, as well as SmartPay, a global crypto payment processing platform. WonderFi is also the largest shareholder of Tetra Trust Company, a leading Canadian digital asset custodian.
With a collective user base of over 1.6 million registered Canadians and a combined assets under custody exceeding $875 million, WonderFi boasts one of the largest communities of crypto investors within a single regulated ecosystem in Canada.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. [ MORE ]
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.
Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. In this news release, forward looking-statements relate to, among other things, statements relating to the timing for the completion of the Offering and Concurrent Block Trade, the expected use of proceeds from the Offering, and the ability of the Company list the Warrants. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither NEO Exchange nor its Regulation Services Provider (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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