WonderFi completes $30M acquisition of crypto platform Coinberry

By:
on Jul 4, 2022
  • WonderFi announced it had received approval to acquire Coinberry early June.
  • The acquisition follows completion of a similar one involving crypto platform Bitbuy.
  • Regulation is key to WonderFi’s expansion efforts, said CEO Ben Samaroo.

WonderFi Technologies Inc, a leading platform for digital assets adoption, has today closed the $30 million acquisition of Canada-based crypto trading platform Coinberry.

Coinberry boasts regulatory approval from the Canadian Securities Administrators (CSA), and is the country’s first pure-play regulated crypto broker.

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With this acquisition, WonderFi is adding a company with more than 220,000 users and nearly $100 million in customer assets under custody (per details as of 31 March 2022). WonderFi is listed on the Toronto Stock Exchange.

Compliance critical for WonderFi

According to WonderFi CEO Ben Samaroo, acquiring Coinberry combined with the acquisition of Bitbuy in January, is key to the company’s goal of further expansion across global markets. He noted in a press release:

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, the CEO and co-founder of Coinberry will join WinderFi as Head of Brokerages. He believes the two acquisitions have huge significance for the market. He 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.”

Kevin O’Leary, a key investor in WonderFi and, recently highlighted the importance of regulatory compliance for the digital assets. The Canadian businessman’s remarks followed WonderFi’s partnership with Web3-focused project Banxa.

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