WonderFi plans to expand its operations in Canada by acquiring digital
asset trading platform Coinberry after its recent Bitbuy acquisition.
WonderFi Technologies, a decentralized finance (DeFi) platform, plans
to continue its expansion in Canada by purchasing the Coinberry crypto
exchange for $38 million. The platform will be the second regulated
crypto exchange under WonderFi once the acquisition is finalized.
The firm recently closed its acquisition of Bitbuy's parent company First Ledger Corp. for $162 million. In an interview, Kevin O’Leary mentioned that there will be “several more and even bigger” acquisitions that are on the way.
O'Leary
also highlighted that the company is competing on the global stage
while making sure that it's on "a regulated basis." The billionaire
mentioned that the team is "not taking any risks" and are operating
under regulated conditions.
According to O’Leary, the customers
of both platforms acquired will not see any instant changes. However,
the Shark Tank star also noted that WonderFi plans to add features to
each platform.
With the acquisition of Coinberry, WonderFi will
own two out of the six regulated exchanges in Canada. Bitbuy, WonderFi's
recent purchase became fully regulated after being licensed by the
Ontario Securities Commission (OSC) in November 2021. On the other hand,
Coinberry also registered in the OSC in August last year.
Apart
from the two exchanges, only four other platforms are registered for
providing crypto trading. These include Wealthsimple, CoinSmart,
Netcoins and Fidelity.
Related: Mr. Wonderful plans to invest in mining company stocks
Kevin O’Leary, formerly a Bitcoin skeptic, mentioned last year that his crypto holdings have surpassed his gold portfolio. However, O'Leary also mentioned that gold and Bitcoin (BTC) comparisons are irrelevant as they are "two different asset classes."
In an exclusive interview with Cointelegraph,
the businessman compared investing in BTC to investing in tech firms
like Google and Microsoft. According to O'Leary, when people invest in
these firms, they are "investing in software." O'Leary believes that
investing in crypto is similar.
source link : https://cointelegraph.com/news/kevin-o-leary-backed-wonderfi-to-acquire-canadian-crypto-exchange-coinberry-for-38-5m
