Canada’s cryptocurrency landscape is undergoing a significant transformation, with consolidation emerging as a dominant trend. At the center of this shift is WonderFi, the Vancouver-based crypto platform backed by celebrity investor Kevin O’Leary, which has announced its latest strategic acquisition: Coinberry, a Toronto-based regulated crypto trading platform. Valued at approximately $38.5 million CAD in all-stock consideration, the deal marks WonderFi’s second major acquisition in less than a month—following its completion of the Bitbuy purchase—and solidifies its position as a leading player in Canada’s evolving digital asset ecosystem.
With this move, WonderFi is on track to control two of Canada’s six regulated crypto trading platforms, significantly expanding its user base and reinforcing its ambition to become North America’s largest integrated crypto ecosystem.
“We’re in the process of creating the largest crypto user base in Canada,” said Ben Samaroo, co-founder and CEO of WonderFi. “This creates a stronghold in a well-regulated market and serves as a springboard for global expansion.”
Strategic Expansion Through Regulatory Compliance
One of the core drivers behind WonderFi’s acquisition strategy is regulatory compliance. In an environment where trust and legitimacy are paramount, owning licensed, OSC-approved platforms like Bitbuy and Coinberry provides a competitive edge. Coinberry became the second crypto-asset dealer to receive formal approval from the Ontario Securities Commission (OSC) just eight months ago, reinforcing its status as a compliant and secure gateway for Canadian investors.
The acquisition brings over 220,000 new customers from Coinberry into WonderFi’s fold, combining with Bitbuy’s existing user base to form a network of more than 750,000 Canadian crypto users. This positions WonderFi as Canada’s largest publicly traded end-to-end consumer platform for crypto, decentralized finance (DeFi), and Web3 services.
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Why Consolidation Makes Sense in Canada’s Crypto Market
Despite being a developed financial market, Canada’s crypto user base remains relatively small compared to global counterparts. Experts argue that having six regulated exchanges—including CoinSmart, Wealthsimple, Netcoins, and Fidelity—is excessive given the current demand.
Andreas Park, Professor of Finance and blockchain expert at the University of Toronto, highlighted two major challenges facing independent platforms: high customer acquisition costs and expensive regulatory compliance.
“It’s expensive to acquire customers,” Park noted. “Regulatory compliance is very expensive, too.”
This economic reality makes consolidation not just logical—but necessary. By merging operations, WonderFi can streamline support, marketing, and compliance functions across platforms, achieving economies of scale that smaller players cannot match.
Coinberry founder and CEO Andrei Poliakov agrees:
“As the industry matures, consolidation was inevitable. Scale will win at the end of the day.”
Kevin O’Leary echoed this sentiment, emphasizing strategic foresight:
“When an industry consolidates, you don’t want to be the last person standing when everybody else is sitting down.”
Building a Unified Web3 Ecosystem
WonderFi isn’t just aggregating exchanges—it’s building a comprehensive Web3 ecosystem that integrates three critical segments:
- Centralized Finance (CeFi) – via Bitbuy and Coinberry
- Decentralized Finance (DeFi) – through native DeFi tools
- NFTs and Blockchain Gaming – including its upcoming acquisition of Sun Machine, a play-to-earn gaming company
While most competitors focus on standalone offerings, WonderFi aims to unify these experiences under one roof with single sign-on access, seamless asset transfers, and cross-platform functionality.
This integrated model differentiates WonderFi in a crowded market and aligns with growing consumer demand for simplicity and interoperability across crypto services.
Samaroo believes this full-stack approach will be key to long-term success:
“We’re not just acquiring users—we’re creating a sticky ecosystem where users can move effortlessly between CeFi, DeFi, and digital assets.”
Operational Synergies and Liquidity Advantages
Beyond user growth, the Coinberry acquisition unlocks powerful operational synergies. One major benefit is liquidity optimization.
Currently, many Canadian crypto dealers source liquidity from unregulated international exchanges—exposing users to counterparty risks and less favorable pricing. Under WonderFi’s structure, Coinberry will be able to route trades through Bitbuy’s regulated marketplace, ensuring better execution prices and enhanced security.
“There’s a lot of efficiency in how orders are routed,” Samaroo explained. “Having a Canadian-registered liquidity provider is really interesting from both an operational and regulatory standpoint.”
Increased trading volume on Bitbuy’s platform will also improve price discovery and market depth—key factors in attracting sophisticated investors who demand reliable infrastructure.
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Financial Impact and Market Positioning
Financially, the acquisition is expected to elevate WonderFi into the **$50 million annual revenue range**, combining Coinberry’s $13 million in 2021 revenue with Bitbuy’s trailing 12-month performance.
Although Coinberry and Bitbuy serve overlapping markets, they cater to slightly different audiences:
- Coinberry: Targets entry-level users with a simple dealer model (fixed pricing)
- Bitbuy: Serves advanced traders through an order-book marketplace with deeper functionality
This dual-platform strategy allows WonderFi to cover a broad spectrum of investor needs—from first-time buyers to active traders—without internal competition.
Samaroo confirmed that WonderFi is actively pursuing additional acquisitions:
“We still probably need one more big Canadian platform to roll into WonderFi” to surpass 50% market share and compete globally.
The company is currently in discussions with multiple domestic and international platforms, particularly in the centralized finance and NFT/gaming sectors, which it sees as high-growth areas.
Future Outlook: From National Leader to Global Player
WonderFi’s vision extends far beyond Canada. The company sees its domestic consolidation strategy as a foundation for international expansion, with plans to enter markets like the United States and Australia.
Owning multiple regulated Canadian platforms enhances WonderFi’s credibility with foreign regulators and potential partners. As global scrutiny on crypto intensifies, having a track record of compliance becomes a strategic asset.
Samaroo emphasized:
“What we’re building here creates recognition and trust—not just with users, but with regulators worldwide.”
Frequently Asked Questions (FAQ)
Q: What is the value of WonderFi’s acquisition of Coinberry?
A: The deal is valued at approximately $38.5 million CAD, paid entirely in WonderFi stock.
Q: How many users will WonderFi have after acquiring Coinberry?
A: Combined with Bitbuy, the acquisition brings WonderFi’s total user base to over 750,000 Canadians.
Q: Is Coinberry regulated in Canada?
A: Yes—Coinberry is one of six crypto trading platforms officially registered with Canadian securities regulators, including approval from the Ontario Securities Commission.
Q: Will Coinberry continue operating as a separate platform?
A: While integration details are still unfolding, WonderFi intends to maintain both brands initially while leveraging backend synergies like shared liquidity and compliance infrastructure.
Q: What makes WonderFi different from other crypto platforms?
A: WonderFi uniquely combines CeFi (centralized exchanges), DeFi (decentralized protocols), and NFT/gaming under one ecosystem—offering users a unified experience across all major crypto sectors.
Q: Does WonderFi plan more acquisitions?
A: Yes—CEO Ben Samaroo confirmed the company is in talks with multiple Canadian and international platforms, particularly targeting growth in centralized finance and blockchain gaming.
As Canada’s crypto market matures, consolidation is no longer optional—it's essential for survival. With strategic acquisitions, regulatory foresight, and a bold vision for Web3 integration, WonderFi is positioning itself at the forefront of this evolution, building not just a larger company—but a more resilient and user-centric digital economy for the future.