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Kevin O’Leary-backed WonderFi to buy Bitbuy parent company for $162M
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Kevin O’Leary-backed decentralized finance (DeFi) platform WonderFi Technologies is increasing its footprint in Canada by buying the first regulated crypto exchange in the country.
WonderFi agreed to pay close to 206 million Canadian dollars ($162 million) to acquire First Ledger Corp., the parent company of BitBuy. WonderFi aims to become an end-to-end consumer platform for crypto and DeFi, according to the official announcement.
Founded in 2016, Bitbuy became a fully-regulated crypto exchange in Canada after being licensed by the Ontario Securities Commission last November. The platform has over 375,000 users who transacted more than $3.4 billion. The announcement states that Bitbuy generated over $24 million in revenue in the twelve
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