https://ift.tt/34i54up Technologies all set to acquire Canadian crypto platform Bitbuy in a $162 million deal

WonderFi Technologies Inc. backed by investor Kevin O’ Leary is all set to purchase Bitbuy, a Canadian cryptocurrency exchange in a $162 million deal. The acquisition will grant WonderFi full control of the Canadian crypto marketplace. 

Bitbuy, launched in 2016, is one of Canada’s leading crypto marketplace that hosts nearly 375,000 users on its platform and has transacted roughly $4.4 billion worth of transactions since its launch. 

WonderFi Technologies to acquire Canadian crypto exchange Bitbuy

As per the official statement, crypto aggregator platform WonderFi will make the payment in shares and cash, comprising 70 million new shares, C$50 million ($39 million) in cash, C$20 million to be paid upfront and C$30 million payment to be paid in deferred cash. 

The following acquisition will grant WonderFi full control of Bitbuy’s approximately 375,000 user base. It will also allow WonderFi to explore the emerging DeFi sector, which according to Bitbuy’s president Dean Skurka is the “future of the industry.”

“We’ve been a retail-focused app primarily over the last four years, in terms of products. On the back of this marketplace license and now with this acquisition, we’ve been focusing more on institutional clientele.” Skurka further stated.

Bitbuy is a diverse platform that permits institutional investors to purchase crypto-related equities. The company promotes itself as one of the most secure and trusted platforms to make crypto purchases. 

According to the company’s official statement, Bitbuy generated over $31 million in revenue last year and continues to expand its service portfolio to accommodate new users.

“The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto,” as stated by WonderFi’s Chief Executive Officer Ben Samaroo. 

WonderFi is backed by investor Kevin O’Leary, who joined the company as a strategic investor in June 2021. The following acquisition is expected to close in the first quarter of 2022.