WonderFi to acquire Canadian crypto exchange Coinberry

The transaction is valued at $38.3m in an all-stock deal and is expected to close in Q2 2022

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Crypto trading platform Coinberry has recorded more than $1bn in transactions to date and currently has 220,000 users – Photo: Shutterstock
                                

The Vancouver-based WonderFi Technologies has entered into an agreement to acquire the Canadian crypto trading platform Coinberry for a reported $38.3m.

The deal, which was confirmed in a WonderFi blog post, is set to be an all-stock deal and is expected to close in Q2 2022. Coinberry, founded in 2017, has recorded more than $1bn in transactions to date, and currently has more than 220,000 users, with more than $13m in revenue in 2021.

With the purchase of Coinberry, WonderFi, which is backed by the billionaire investor Kevin O’Leary, will become one of the largest communities of Web 3.0 users in Canada by gaining over 750,000 users, as well as becoming Canada’s largest employer of crypto-industry professionals, with more than 160 employees.

Expanding Canadian presence

The move comes just a few months after WonderFi acquired the Canadian crypto marketplace Bitbuy.The deal was reported to be worth $161m, with the acquisition giving WonderFi access to Bitbuy’s 400,000 users. 

Ben Samaroo, CEO of WonderFi, said: “This acquisition further establishes WonderFi as a leader amongKevin O’Leary-backed WonderFi buys fellow Canadian company Coinberry in $38.3m all-stock deal to add 220,000 users months after Bitbuy purchase crypto companies in Canada, and along with our acquisition of Bitbuy, establishes a great framework for our expansion into global markets in 2022”, commented

 O’Leary, a  strategic investor in WonderFi, said: “Compliant access to crypto is what matters and WonderFi has quickly established itself as a leader in Canada. Next stop, global.”  

Andrei Poliakov, CEO of Coinberry, said: “We have a shared belief with WonderFi that providing our users with convenient access to crypto wealth building opportunities through a seamless integration and unified access to digital assets is the future and where we are positioning ourselves.

“At Coinberry, we set out to build the global digital financial institution of the future and we are very happy to be joining the phenomenal WonderFi team to achieve this goal.”

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