WonderFi to buy parent company of Canadian crypto platform Bitbuy for about US$162 million

WonderFi Technologies Inc, backed by investor Kevin O'Leary, agreed to buy Bitbuy's parent company First Ledger Corp for about CUS$206 million , giving it full ownership of the Canadian crypto marketplace.

The deal will give WonderFi access to Toronto-based Bitbuy's more than 375,000 users. More than US$4.4 billion has been transacted through the Bitbuy market place since 2016 and the company generated over US$31 million in revenue last year, according to the WonderFi statement. Decentralised finance platforms allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing traditional gatekeepers of finance such as banks.According to a report https://tgam.ca/3FVfe2c in the Globe and Mail newspaper, Canada's WonderFi hopes to next expand into Australia.

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