Kevin O’Leary-backed WonderFi to acquire Canadian crypto exchange Coinberry for $38.5M

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WonderFi Applied sciences, a decentralized finance (DeFi) platform, plans to proceed its enlargement in Canada by buying the Coinberry crypto alternate for $38 million. The platform would be the second regulated crypto alternate beneath WonderFi as soon as the acquisition is finalized. 

The agency just lately closed its acquisition of Bitbuy’s mother or father firm First Ledger Corp. for $162 million. In an interview, Kevin O’Leary mentioned that there can be “a number of extra and even greater” acquisitions which are on the best way. 

O’Leary additionally highlighted that the corporate is competing on the worldwide stage whereas ensuring that it is on “a regulated foundation.” The billionaire talked about that the crew is “not taking any dangers” and are working beneath regulated circumstances. 

In response to O’Leary, the shoppers of each platforms acquired is not going to see any instantaneous adjustments. Nonetheless, the Shark Tank star additionally famous that WonderFi plans so as to add options to every platform. 

With the acquisition of Coinberry, WonderFi will personal two out of the six regulated exchanges in Canada. Bitbuy, WonderFi’s latest buy grew to become totally regulated after being licensed by the Ontario Securities Fee (OSC) in November 2021. Alternatively, Coinberry additionally registered within the OSC in August final yr. 

Aside from the 2 exchanges, solely 4 different platforms are registered for offering crypto buying and selling. These embody Wealthsimple, CoinSmart, Netcoins and Constancy. 

Associated: Mr. Great plans to spend money on mining firm shares

Kevin O’Leary, previously a Bitcoin skeptic, talked about final yr that his crypto holdings have surpassed his gold portfolio. Nonetheless, O’Leary additionally talked about that gold and Bitcoin (BTC) comparisons are irrelevant as they’re “two totally different asset courses.” 

In an unique interview with Cointelegraph, the businessman in contrast investing in BTC to investing in tech companies like Google and Microsoft. In response to O’Leary, when individuals spend money on these companies, they’re “investing in software program.” O’Leary believes that investing in crypto is comparable. 

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