WonderFi, a Vancouver-based and Canadian politician Kevin O’Leary-backed firm, announced the purchase of First Ledger Corp., parents company of Canadian cryptocurrency exchange Bitbuy with $206 million.
First Ledger Corp is Toronto-based, its cryptocurrency platform Bitbuy may be the first legally approved cryptocurrency exchange in Canada.
As announced through the Ontario Securities Commission (OSC), the six file encryption platforms, including Bitbuy which have been registered with OSC.
Bitbuy is among Canada’s most widely used cryptocurrency exchanges. It’s provided services to greater than 375,000 Canadian customers, having a transaction volume in excess of 4.4 billion U.S. dollars with the platform. This past year, on September 30, 2021, the woking platform generated greater than $31 million in revenue in 12 several weeks.
Based on the the official agreement issued on Tuesday, the purchase was transported in cash and stock, having a total transaction worth of $206 million.
WonderFi will conduct this acquisition by issuing 70 million new shares and having to pay $50 million in cash, including funding payment of $20 million. This is Canada’s first purchase of a completely controlled cryptocurrency platform. It’s expected this harvest is going to be finished in the very first quarter of the year, and Bitbuy nominees, including Bitbuy President Dean Skurka, will join WonderFi’s board of company directors.
WonderFi Technologies and First Ledger Corp. promise to produce a unified platform for users to buy cryptocurrencies for example Bitcoin and Ethereum and supply use of decentralized finance (DeFi).