Canada’s cryptocurrency landscape is undergoing a significant transformation as Vancouver-based WonderFi moves to acquire Coinberry, one of the country’s six regulated crypto trading platforms, in an all-stock deal valued at approximately $38.5 million CAD**. This strategic acquisition follows closely on the heels of WonderFi’s recent completion of its **$206 million takeover of Bitbuy, positioning the company as a dominant force in Canada’s rapidly consolidating digital asset ecosystem.
With this latest move, WonderFi is on track to become the largest publicly traded, end-to-end consumer crypto platform in Canada—owning two of the nation’s six registered crypto marketplaces. The combined user base from Bitbuy and Coinberry will surpass 750,000 Canadians, reinforcing WonderFi’s ambition to build North America’s most extensive crypto participant network.
“We’re in the process of creating the largest crypto user base in Canada,” said Ben Samaroo, co-founder and CEO of WonderFi. “What that does is create a really big stronghold in this developed, well-respected, regulated market, and creates a springboard for us into global markets.”
Strategic Expansion Through Regulatory-Compliant Platforms
Founded in 2017, Coinberry has positioned itself as a user-friendly gateway for Canadians to buy and sell major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash. The Toronto-based firm gained regulatory approval from the Ontario Securities Commission (OSC) in late 2023, becoming only the second crypto-asset dealer to achieve such status.
By acquiring Coinberry, WonderFi not only absorbs its 220,000+ customers but also strengthens its compliance credentials—critical assets in an era of tightening financial oversight. Samaroo emphasized that owning multiple regulated platforms enhances WonderFi’s credibility with international regulators, particularly as the company eyes expansion into Australia and the United States.
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Industry Consolidation Driven by Rising Costs and Competition
The Canadian crypto sector faces mounting pressure from high customer acquisition costs and intense competition among domestic exchanges. With six regulated platforms vying for a relatively small user base, industry experts agree that consolidation is inevitable.
Andreas Park, University of Toronto Professor of Finance and blockchain expert, noted that both customer acquisition and regulatory compliance are extremely costly. “Six regulated platforms may be too many for the size of the Canadian market,” he said, suggesting that economies of scale will favor larger, integrated players.
Andrei Poliakov, founder and CEO of Coinberry, echoed this sentiment: “As the industry continues to mature, there is going to be consolidation. We knew this was going to happen—and it’s happening.”
Kevin O’Leary, investor and strategic advisor to WonderFi, reinforced the urgency of strategic mergers:
“When an industry consolidates, you don’t want to be the last person standing when everybody else is sitting down.”
O’Leary views the Coinberry deal as a pivotal step toward achieving operational efficiency and long-term sustainability in a volatile market.
Building a Unified Web3 Ecosystem
Unlike many competitors focused on standalone services, WonderFi aims to unify three core segments of the digital asset economy under one seamless experience:
- Centralized Finance (CeFi): Through Bitbuy and Coinberry
- Decentralized Finance (DeFi): Via WonderFi’s native DeFi wallet and tools
- NFTs and Gaming: Through its upcoming acquisition of Sun Machine, a play-to-earn gaming platform
This integrated model promises users a single sign-on ecosystem where they can trade, stake, swap, and engage with NFTs without switching platforms—a key differentiator in a fragmented market.
Samaroo believes this holistic approach will drive user retention and attract new participants seeking simplicity and security.
Synergies Between Coinberry and Bitbuy
While both Coinberry and Bitbuy offer regulated crypto trading, they serve distinct customer profiles:
- Coinberry focuses on entry-level investors, operating under a dealer model that simplifies purchasing.
- Bitbuy caters to more sophisticated traders with advanced order types and deeper liquidity.
This complementarity allows WonderFi to cover a broader market spectrum. Additionally, the company plans to route Coinberry’s trades through Bitbuy’s marketplace—a move expected to improve pricing, enhance transaction safety, and reduce reliance on unlicensed foreign exchanges for liquidity.
“Having a Canadian registered platform act as our liquidity provider is really interesting—from both an efficiency and regulatory standpoint,” Samaroo explained.
Financial Outlook and Future Acquisitions
Coinberry generated over $13 million in revenue in 2021**, while Bitbuy reported strong performance over the past 12 months. Combined, these figures place WonderFi in the **$50 million annual revenue range, a significant milestone for a Canadian fintech player.
But WonderFi isn’t stopping here.
Samaroo confirmed the company is actively engaged in discussions with multiple Canadian and international platforms, aiming for one more major acquisition to cross the 50% domestic market share threshold—a critical mass needed to compete globally.
While internal development remains central to its DeFi strategy, WonderFi sees centralized finance and NFT/gaming sectors as prime areas for external growth. The pending acquisition of Sun Machine, expected to close in Q2 2025, underscores this focus.
FAQs: Understanding WonderFi’s Acquisition Strategy
What is the value of WonderFi’s acquisition of Coinberry?
The deal is valued at approximately $38.5 million CAD, paid entirely in WonderFi stock based on current share pricing.
How many users will WonderFi have after acquiring Coinberry?
With over 530,000 users from Bitbuy and 220,000+ from Coinberry, WonderFi will serve more than 750,000 Canadian users, making it one of the largest crypto ecosystems in North America.
Why is consolidation happening in Canada’s crypto industry?
High customer acquisition costs, expensive regulatory compliance, and intense competition among six licensed platforms are driving economies of scale through mergers.
Will Coinberry continue to operate independently?
While integration details are still unfolding, both brands are expected to maintain some level of operational independence initially, serving their respective user segments.
Is WonderFi planning more acquisitions?
Yes. Samaroo stated that WonderFi is in talks with multiple platforms and aims to acquire at least one more major Canadian player to surpass 50% market share.
How does this affect Canadian crypto investors?
Users benefit from increased platform stability, improved liquidity, better pricing, and enhanced regulatory protection—especially with trading routed through domestic, licensed exchanges.
Core Keywords
crypto consolidation Canada, WonderFi Coinberry acquisition, Canadian crypto exchange merger, regulated crypto platforms, Web3 ecosystem development, CeFi DeFi integration, cryptocurrency market expansion
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