Kevin O’Leary-backed WonderFi to acquire Bitbuy

Namrata Shukla
Source: Pixabay

In 2021 we saw many crypto naysayers join the crypto bandwagon, including businessman Kevin O’Leary. In June “Mr. Wonderful” joined others in a strategic investment in WonderFi Technologies which led its rebranding to WonderFi, given O’Leary’s nickname. Now, WonderFi is ready to acquire another crypto exchange, as per a company statement.

The DeFi platform has agreed to buy Canadian crypto exchange Bitbuy for C$206 million [$161.8 million] in cash and shares. The CEO of WonderFi, Ben Samaroo noted,

“WonderFi’s strategic investment in Bitbuy, one of the first regulated crypto marketplaces globally, is a significant step as we continue on our mission of democratizing finance through easy and secure access to decentralized finance and crypto.”

As per the CEO, this acquisition will open up significant opportunities to create an “end-to-end, unified customer experience.” He added,

“We are actively exploring the integration of our product suites which will expand the reach and scope that WonderFi can offer to the market, and will drive long-term growth and value for the Company.”

The deal is expected to close in the first quarter, with Bitbuy’s president and CFO, Dean Skurka set to join WonderFi’s board.

Apart from the contribution of the Shark, WonderFi has also credited Sam Bankman-Fried of the crypto exchange FTX as a strategic investor in its recent presentation. O’Leary reportedly added,

“This is a combination of two management teams with excellent executional skills that now have the bandwidth, assets, and licenses to provide an institutional-grade compliant crypto platform to investors interested in exposure to centralized and decentralized financial services.”

O’Leary also has investments in crypto assets like Bitcoin, Ethereum, Solana, and Polygon [MATIC]. Among these, Mr. Wonderful held the largest position in Ethereum.