WonderFi Closes Acquisition of Crypto Trading Platform Coinberry

Crypto marketplace WonderFi (WNDR.TO) closed its $30 million acquisition of Canadian crypto trading platform Coinberry on Monday, following its “uplisting” to the Toronto Stock Exchange last week.

The deal was approved by the Competition Bureau Canada, Ontario Securities Commission and other provincial regulatory boards, according to WonderFi.

In addition, WonderFi said it may purchase other crypto companies as the shakeout in the sector continues. CEO Ben Samaroo told CoinDesk he thinks other nonregulated crypto trading platforms might have similar issues as Voyager Digital, which had exposure to troubled hedge fund Three Arrows Capital and has had to limit withdrawals. As a result, WonderFi has begun looking at potential deals for nonregulated exchanges both in Canada and globally.

WonderFi’s acquisition comes after a 20% staff reduction at both WonderFi and Bitbuy, a crypto trading platform WonderFi acquired in January. The job cuts were made to streamline costs and deliver shared services across compliance, customer service, product engineering and executive functions.

WonderFi houses central finance, decentralized finance (DeFi) and play-to-earn gaming and non-fungible tokens (GameFi) businesses under one umbrella. Kevin O’Leary, a Canadian businessman and noted investor, is a strategic investor in WonderFi..

Read more: Kevin O’Leary Says ‘Panic Event’ Is Needed Before Crypto Bottoms