In a move that is likely to cause more stir in the Canadian crypto market, WonderFi has announced that it has acquired Bitbuy. With backing from Shark Tank celebrity Kevin O’Leary, WonderFi is making a big push to be a dominant player in Canada’s crypto space. For Bitbuy, the acquisition provides access to capital and resources that will help it continue to grow its business.
Bitbuy, Canada’s first approved crypto marketplace and ranked 9th in the Deloitte Technology Fast 50™ program with 3379% revenue growth from 2017-2020 has been generating over $31 million annually.
WonderFi will acquire one of Canada’s fastest growing crypto platforms for $206 million in stock and cash, plus $30 million in deferred cash via a vendor-takeback note due in 12 months.
WonderFi is making the move from being an unregistered investment dealer to a regulated one by contacting Canada’s Canadian Securities Association, which requires them paperwork and registration.
Garrient Evans, senior vice president at Truiloo explained that more cryptocurrency companies are using standard verifications to meet regulatory requirements.
Binance, a cryptocurrency exchange, said that it won’t market its services to Ontario residents and is actively pursuing registration in Canada.
It will be interesting to see how this acquisition impacts the Canadian crypto market moving forward.
