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https://www.stockwatch.com/News/Item/Z-C!WNDR-3191091/C/WNDR?&fmt=orig
Globe says Wonderfi to spend $206M for trading platform
2022-01-05 07:52 ET - In the News
The Globe and Mail reports in its Wednesday edition that Vancouver's Wonderfi Technologies is buying one of Canada's largest cryptocurrency trading platforms to access its large client base and expand into international markets just two months after the Ontario Securities Commission licensed the first digital currency marketplace in Canada. The Globe's Irene Galea writes that part of its goal to consolidate Canadian crypto companies, Wonderfi will acquire First Ledger Corp., the parent company of Bitbuy Technologies Inc., for $206-million in cash and shares. Wonderfi invests in decentralized finance, which uses technology such as blockchain to remove banks from the trading process. The company is backed by Kevin O'Leary of Dragon's Den fame. Wonderfi chief executive officer Ben Samaroo said Bitbuy stood out because it was Canada's first regulated crypto marketplace, after being licensed by the Ontario Securities Commission as of Nov. 20. This means investors can place their own orders and set their own prices, and see others' orders and buy accordingly. Wonderfi will pay with 70 million common shares and $50-million in cash, $20-million of which will be paid upfront and $30-million in deferred cash.