Kevin O’Leary-backed DeFi platform WonderFi Technologies is reportedly amplifying its presence across Canada, via purchasing the first regulated crypto exchange in the nation. 

Specifically, WonderFi has reportedly dedicated approximately $162 million (206 million Canadian dollars) to finalize the acquisition of First Ledger Corp., the parent firm of Bitbuy.

WonderFi reportedly has a primary goal of turning into an end-to-end consumer platform for crypto and DeFi, per the official announcement.

Established in 2016, Bitbuy reportedly secured the title of a fully regulated crypto exchange in the nation following its success in obtaining necessary licenses from the Ontario Securities Commission in November last year. 

The platform currently supports more than 375,000 users, who have completed over $3.4 billion equivalent in transactions. Bitbuy has managed to reel in $24 million in profit in the 12 months ending Sept. 30, 2021.

The transaction specifics reportedly suggested that WonderFi would financially support the purchase, via issuing 70 million new shares and paying $15.7 million in upfront cash and $23 million in deferred cash via a vendor-take-back note due in 12 months.

“WonderFi will retain substantially all current Bitbuy employees and enter into employment agreements with key members of the management team” The team additionally claimed. 

“The integration of Bitbuy’s product suite will accelerate and expand the reach and scope that WonderFi can offer to the market, and will drive long-term growth and value for the company.” Head of WonderFi, Ben Samaroo, further emphasized the crucial level of a licensed marketplace as a gateway to the digital asset economy.