DeFi services provider WonderFi reportedly plans to buy cryptocurrency exchange Coinberry for $30 million.
The move becomes the firm’s second purchase in a year after the acquisition of Bitbuy Technologies for $163 million in cash and shares.
The acquisition is seen as a consolidation of assets, given that Bitbuy and Coinberry are two of the six licensed Canadian crypto exchanges. WonderFi will have 160 employees and over 700,000 clients if the plans sail through.
Kevin O’Leary, a strategic investor in the firm, says that the purchase comes ahead of several other much larger acquisitions. The investors, nicknamed Mr. Wonderful, reiterate the regulatory framework of the company.
The famed entrepreneur has become a champion of the cryptocurrency space. At the start of the year, O’Leary commented that BTC would never go to zero since it is a store of value.
Coinberry was started in 2017 and obtained approvals from the Canadian regulators to offer cryptocurrency services. The firm generated more than $13 million in revenue in 2021.