WonderFi Technologies, a decentralized finance (DeFi) platform, plans to continue its expansion in Canada with the purchase of the Coinberry exchange for $38 million. The platform will be the second cryptocurrency exchange regulated under WonderFi once the acquisition is complete.
The company recently closed the acquisition of Bitbuy’s parent company, First Ledger Corp., for $162 million. In an interview, Kevin O’Leary mentioned that there will be “several more and even bigger acquisitions” that are in the works.
O’Leary also highlighted that the company is competing on the global stage while ensuring it is on “a regulated basis.” The billionaire mentioned that the team “does not run any risk” and that it operates under regulated conditions.
According to O’Leary, customers of both acquired platforms will not see any instant change. However, the Shark Tank star also noted that WonderFi plans to add features to each platform.
With the acquisition of Coinberry, WonderFi will own two regulated exchanges in Canada. Bitbuy, the recent purchase of WonderFi, became fully regulated after being licensed by the Ontario Securities Commission (OSC) in November 2021. On the other hand, Coinberry also registered with the OSC in August last year.
Aside from the two exchanges, there are only four other platforms registered to offer cryptocurrency trading. Is about Wealthsimple, CoinSmart, Netcoins and Fidelity.
Kevin O’Leary, previously a Bitcoin skeptic, mentioned last year that his cryptocurrency holdings have outgrown his gold portfolio. However, O’Leary also mentioned that comparisons between gold and Bitcoin (BTC) are irrelevant as they are “two different asset classes.”
In an exclusive interview with Cointelegraph, the entrepreneur compared investing in BTC to investing in tech companies like Google and Microsoft. According to O’Leary, when people invest in these firms, they are “investing in software.” O’Leary believes that investing in cryptocurrencies is similar.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.