Many months after the acquisition act for Bitbuy first came into existence, DeFi firm WonderFi has now successfully fulfilled its wishes.
Canadian Decentralized Finance (DeFi) firm, WonderFi Tech has now managed to complete the acquisition of Bitbuy, which is the one cryptocurrency exchange that is fully regulated in the region of Canada, after several months of clashes. As for the charges, WonderFi has accepted to pay around $160Million via hard cash and shares.
CEO of WonderFi, Ben Samaroo stated that the deal for Bitbuy came into existence about two months ago, this year and it is said to be the first time that a publicly traded firm such as, WonderFi has pushed to acquire a regulated cryptocurrency related firm, with all the provincial regulators being forced to accept the switching of control.
As of now, DeFi-based products from WonderFi are not readily available in the entirety of the Canadian region, but CEO Samaroo shows optimism and hopes that the regulatory proceedings will provide many more opportunities in the coming times.
Three Principal Factors about the Deal
Ben mentioned about three principal factors that were connected to the acquisition presented. The first one being the switching of control event on a freshly introduced marketplace and confined dealer, the second factor being a publicly traded firm taking control of a company in hold of such approvals and the third one being WonderFi to be the one acquiring and working in DeFi, which is an evolving industry.
Ben also said that the conclusion of this acquisition has made select provinces to approve the availability of products from WonderFi, while other provinces have decided to take another look into the services and products being offered, meanwhile also trying to study the growing industry of Decentralized Finance.
Services Options for Customers
Financial Advisor at WonderFi, Kevin O’Leary stated during the reveal of the deal that the acquisition of Bitbuy is a very crucial move to secure the future of WonderFi. As to why WonderFi wanted this, it was revealed that acquiring Bitbuy gives a chance for a centralized exchange to merge with the DeFi-based products and services from a company like WonderFi. Kevin added that it is extremely important that the customers have every sort of service they need, and the company should make sure of that.