WonderFi acquires parent company of Bitbuy for $162M

DeFi platform WonderFi Technologies agreed to purchase First Ledger Corp , the parent firm of the first regulated crypto exchange in Canada, Bitbuy, this week for an impressive $162 million in a bid to expand the presence of cryptocurrency and DeFi across the country.

Backed by renowned billionaire investor Kevin O’Leary, WonderFi detailed its method of funding the takeover through the issuance of 70 million new shares, paying $15.7 million in upfront cash in addition to $23 million in deferred cash via a vendor-take back note due in 12 months.