Wonderfi announces the Bitbuy acquisition and overcomes regulatory hurdles

Wonderfi announces the Bitbuy acquisition and overcomes regulatory hurdles

Canadian Provinces
  • months after the introduction of the deal, Wonderfi has announced the conclusion of Bitbuy, the only regulated cryptocurrency exchange in Canada,
  • The process caused the Wonderfi product offers to be made available in selected Canadian provinces

The Canada, which is based in Canada, completed the takeover of First Ledger Corp, the parent company of Bitbuy Technologies, after a long regulatory struggle.

Wonderfi, which is traded at the Neo Exchange in Canada, has agreed to pay $ 161.8 million in cash and shares.

The deal will be completed four months after the first announcement of the agreement in January 2022. It is the first time in Canadian history that every provincial supervisory authority had to approved a change of control in which a listed company, Wonderfi, acquired an approved crypto company, said Ben Samaroo, CEO from Wonderfi.

According to Samaroo, there were three important regulatory considerations in connection with the takeover.

"First, a change of control at a newly approved marketplace and a restricted dealer, secondly, a listed company that acquires a company that has this permits, and thirdly, the purchaser Wonderfi, who deals with Defi, an emerging industry with high growth," he said.

Wonderfi was interested in taking over Bitbuy because it offers the opportunity to combine a centralized stock exchange, Bitbuy, with Wonderfi's defi products.

"This is a very important transaction for the future of Wonderfi," said Kevin O’Leary, an entrepreneur and Wonderfi consultant and investor when the transaction was announced for the first time.

"If you think of customer acquisition, you would like to make sure that you offer every opportunity to use this customer ... you want to offer any desired service."

Together, the two companies have raised over $ 100 million in the past $ 12 months, which, according to Wonderfi, is the greatest capital for a single crypto platform in Canada, according to Wonderfi.

The Wonderfi defi products are currently not available throughout Canada, but Samaroo hopes that this regulatory process will open the door to better compliance.

"As a result of this takeover, the regulatory authorities in Canada have decided to take the opportunity to deal with the Wonderfi product offers," he said. "The result of the regulatory measure meant that selected provinces decided to make the products from Wonderfi available, while some of the other provinces decided to further check and develop their views on the new, emerging industry with high growth."


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The contribution Wonderfi announces the Bitbuy acquisition, overcoming regulatory hurdles is not a financial advice.

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