Kevin O’Leary-Backed DeFi Platform WonderFi to Acquire Coinberry for $38M

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WonderFi Technologies has agreed to acquire cryptocurrency exchange Coinberry in an all-stock $38.3 million deal.

The deal, which includes adding Coinberry CEO Andrei Poliakov and another independent member to WonderFi’s board, is expected to be finalized before the end of June.

The Coinberry deal comes on the heels of the company’s $162 million acquisition of First Ledger Corp., the parent company of crypto exchange Bitbuy.

The agreement will add 220,000 users and $100 million in assets to the WonderFi ecosystem, the company said in a statement.

“This acquisition further establishes WonderFi as a leader amongst crypto companies in Canada, and along with our acquisition of Bitbuy, establishes a great framework for our expansion into the global markets in 2022,” WonderFi CEO Ben Samaroo said in a statement.

Toronto-based WonderFi is backed by Shark Tank personality Kevin O’Leary, who goes by the nickname Mr. Wonderful, and FTX CEO Sam Bankman-Fried.

“WonderFi’s management team continues to execute on accretive acquisitions, and this is an extremely important one,” O’Leary said, “because it shows the speed and vision behind WonderFi’s plan.”

In March, the Ontario Securities Commission approved the Bitbuy acquisition, but with some caveats: The WonderFi team agreed to restrict access to its app for residents in certain provinces while it sought approval from every provincial and territorial securities regulator in Canada.

Currently, residents in British Columbia and Alberta can continue using the company’s app.

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