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After the Toronto Stock Exchange admitted Crypto trading platform Coinberry (WNDR) to trading last week, WonderFi (which bought Coinberry for $30 million) saw its shares rise over 9% at the open on Monday.
The deal was approved by Competition Bureau Canada, Ontario Securities Commission and other provincial regulatory boards, according to WonderFi.
In addition, WonderFi said it might purchase other crypto companies as the shakeout in the sector continues. CEO Ben Samaroo told CoinDesk that he thinks that other nonregulated crypto trading platforms might have similar issues as Voyager Digital, which has had to limit withdrawals because of exposure to troubled hedge fund Three Arrows Capital. As a result, WonderFi has begun looking at potential deals for nonregulated exchanges both in Canada and globally.
"This acquisition further solidifies WonderFi as a leader in the crypto industry in Canada, and with our acquisition of Bitbuy, we've laid a strong foundation for our expansion into global markets," Samaroo said in the statement ahead of market open on Monday. "Moreover, as we've seen over the past few weeks, the crypto market downturn has had an enormous impact on unregulated crypto trading platforms and because of that, WonderFi's value proposition as one of very few regulated crypto businesses makes us well positioned to continue growing."
In January, WonderFi acquired Bitbuy, a cryptocurrency trading platform. Shortly after the acquisition, 20% of Bitbuy's staff was laid off and the same number of employees at WonderFi were let go. The layoffs were intended to reduce costs and create shared services for compliance, customer service, product engineering and executive functions.
WonderFi is a platform that combines the central finance, DeFi, and play-to-earn gaming and non-fungible token (GameFi) businesses. Kevin O'Leary, a Canadian businessman and noted investor, is an investor in WonderFi..
UPDATE (July 4, 13:44 UTC): Updates to include closing statement and share price movement.