WonderFi Buys Canadian Crypto Exchange Bitbuy For $206 Million

WonderFi Technologies (WONDF) is buying the parent company of Canadian cryptocurrency exchange Bitbuy for $206 million in cash and stock, according to a joint announcement by the companies.

The deal between WonderFi and First Ledger Corp. promises to create a unified platform for users to buy cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), and provide access to decentralized finance (DeFi).

Founded in 2016, Bitbuy is today Canada's leading cryptocurrency marketplace.

The deal gives WonderFi access to Bitbuy's more than 375,000 Canadian clients, with more than $4.4 billion transacted through the platform. In the 12 months ended September 30, 2021, Bitbuy generated $31 million in revenue.

WonderFi shares rose 11% on news of the acquisition to $2.44. The acquisition is expected to close in this year’s first quarter.