WonderFi Technologies Inc., financed by billionaire Kevin O’Leary, is nearing completion on a $162 million acquisition of Bitbuy, a Canadian cryptocurrency exchange.
As a result of the transaction, WonderFi will have complete control of the Canadian cryptocurrency market. Bitbuy, which was created in 2016, is one of Canada’s largest cryptocurrency markets, with around 375,000 customers and $4.4 billion in transaction activity since its debut.
WonderFi Technologies is now finalizing the terms of the next round of acquiring the Canadian cryptocurrency exchange Bitbuy.
WonderFi will make the payment in both shares and cash, according to the official statement, including 70 million new shares, C$50 million ($39 million) in cash, C$20 million upfront, and C$30 million in deferred cash.
WonderFi will get entire control of Bitbuy’s approximately 375,000 users as a result of the purchase. Furthermore, the company will allow WonderFi to examine the emerging DeFi sector, which Bitbuy’s CEO Dean Skurka refers to as the “future of the industry.”
In terms of products, it has been a retail-focused app for the past four years, according to Skurka. Skurka stated that due to the marketplace license and now the acquisition, they have “turned our concentration to institutional clients.”
Bitbuy is a flexible platform that enables institutional investors to purchase crypto-related equities. The firm promotes itself as one of the most secure and dependable locations to buy cryptocurrencies.
According to the company’s official statement, Bitbuy made more than $31 million in sales last year and continues to expand its service range to accommodate new users.
The merging of WonderFi and Bitbuy achieves the company’s goal of democratizing banking by giving easy and secure access to DeFi and crypto, according to WonderFi’s Chief Executive Officer Ben Samaroo.
Kevin O’Leary, a strategic investor in WonderFi, joined the company as an investor in June 2021. The takeover is likely to be completed within the first three months of this year.
