WonderFi Subsidiary Bitbuy Acquires Bitvo, Owns Nearly Half of All Exchanges in Canada

cryptonews.com:

“We are excited to welcome Bitvo’s clients to the WonderFi ecosystem,” said WonderFi President and Chief Executive Officer, Dean Skurka. “The acquisition of Bitvo’s clients represents a non-dilutive acquisition for WonderFi, with immediate cash flow, increased scale, and an expected payback period of less than six months.”

According to a press release, WonderFi has now consolidated five out of eleven of the country’s regulated crypto exchanges, including Coinberry, CoinSmart, and Coinsquare. Currently, Bitvo has over 17,000 client accounts, generating over $235 million in trading volume within this past year. As of last month, the company generated over $35 million from trading volume on the exchange alone.

“This acquisition also accelerates our growth efforts, and diversifies our client profile with Bitvo’s strong institutional client base,” stated Mr. Skurka. “We look forward to working with the Bitvo team to ensure a smooth transition.”

News of the acquisition follows a report by Chainalysis revealing transfers in the North American cryptocurrency market between July 2022 and July 2023 topped approximately $1.2 trillion, making up nearly a quarter of all crypto transactions globally.

At present, WonderFi has over 1.6 million Canadian users as well as $875 million worth of assets under their custody. As part of its acquisition, Bitvo client accounts will receive added benefits and services, such as regulated staking.

“We look forward to joining forces with Bitbuy and having Bitvo’s clients continue to enjoy the same great experience provided by Bitvo,” said Jeffrey Smith, Chairman of the Board of Bitvo.

 “We chose to partner with Bitbuy due to our longstanding relationship with the Bitbuy team and their commitment to