WonderFi Technologies (WONDF) is purchasing Canadian cryptocurrency trading platform Coinberry for $38.6 million in stock.
Coinberry is one of only six cryptocurrency trading platforms that has a license to operate in Canada. The deal is expected to close by June 30 of this year, the companies said in a news release.
In March of this year, WonderFi made headlines when it acquired Canadian cryptocurrency marketplace Bitbuy for $206 million in cash and stock.
Coinberry was founded in 2017 and has become one of Canada’s leading cryptocurrency trading platforms with $100 million in assets under administration and has managed more than $1 billion transactions to date. The company has 29 of the top cryptocurrency trading pairs and has over 220,000 users, according to the news release.
Under the terms of the agreement, Coinberry shareholders will receive 29.1 million newly issued common shares of WonderFi.
Also as part of the takeover arrangement, Coinberry chief executive officer (CEO) Andrei Poliakov and a Coinberry nominee will be up for election to WonderFi’s board of directors at its next annual meeting.
