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Vancouver-based WonderFi Announces Closing of Acquisition of Crypto Asset Trading Platform Coinberry
Tuesday, July 5, 2022Company Profile | Follow Company
Vancouver, BC, July 5, 2022--(T-Net)--WonderFi Technologies Inc. (TSX: WNDR; OTC:WONDF) today announced that it has closed its previously announced acquisition of Toronto-based Canadian crypto asset trading platform Coinberry Limited.
As a result of the acquisition WonderFi now owns three licensed crypto asset trading platforms, after acquiring Bitbuy Technologies Inc. earlier this year.
Ben Samaroo, Chief Executive Officer & Director, WonderFi
"This acquisition further solidifies WonderFi as a leader amongst crypto companies in Canada, and along with our acquisition of Bitbuy, establishes a great foundation for our expansion into global markets" commented Ben Samaroo, CEO of WonderFi. "Further, as we've seen over the past few weeks, the crypto market downturn has had a massive impact on the viability of unregulated crypto trading platforms and WonderFi's value proposition as one of the few regulated crypto businesses makes us well positioned to continue our growth."
Andrei Poliakov, CEO and Co-Founder of Coinberry, commented, "Bringing together the Coinberry and Bitbuy teams under the WonderFi umbrella has created one of the largest combined compliant and licensed crypto companies in Canada and we are keen to continue building on our common success as we expand into new markets."
In connection with the acquisition, the company will employ Poliakov in the position of Head of Brokerages of WonderFi and President of Coinberry.
Coinberry adds approximately 225,000 users and $99.5 million of client assets under custody as of March 31, 2022.
Under the terms of the acquisition the company acquired all of the issued and outstanding shares of Coinberry. The consideration paid consisted of an aggregate of 28,925,645 newly issued common shares of WonderFi, the majority of which were subject to certain lock-up requirements. A copy of the definitive agreement with respect to the acquisition is available on the Company's SEDAR profile at www.sedar.com.
About WonderFi
WonderFi is a leading technology company with the mission of creating better access to digital assets through compliant centralized and decentralized platforms. WonderFi provides unified access to digital assets including crypto, DeFi, gaming and NFTs, in a compliant and regulated environment. WonderFi's executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way.
About Coinberry
With over $1 billion in crypto traded, Coinberry makes it easy and secure for Canadians to buy, trade and sell a wide range of cryptocurrencies. As a CSA and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) registered crypto trading platform, Coinberry is powered by the belief that the digital economy should be inclusive and accessible to everyone.
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 ] |
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