Blockchain
WonderFi to Acquire Bitbuy, Canada’s First Approved Crypto Marketplace with Over $4.4B Transacted
Vancouver, British Columbia–(Newsfile Corp. – January 4, 2022) – WonderFi Technologies Inc. (NEO: WNDR) (OTC PINK: WONDF) (WKN: A3C166) (FTX:WNDR) (the “Company” or “WonderFi“) today announced that it has entered into a definitive agreement to acquire First Ledger Corp., the parent company of Bitbuy Technologies Inc. (“Bitbuy“), a leading cryptocurrency platform and the first approved crypto marketplace in Canada. The acquisition and integration will establish WonderFi as a leading end-to-end consumer platform for people seeking access to crypto and decentralized finance (“DeFi“).
“The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto,” said Ben Samaroo, CEO of WonderFi. “A licensed marketplace serves as a crucial gateway to the digital asset economy, and facilitates a robust end-to-end, unified client experience. 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.”
Bitbuy was founded in 2016 and has grown to become one of North America’s leading crypto marketplaces. Today, Bitbuy is a trusted execution platform that services over 375,000 users, with more than $4.4 billion transacted through the platform.
In November 2021, Bitbuy became Canada’s first approved crypto marketplace, and was recently ranked 9th in the Deloitte Technology Fast 50™ program, with 3,379% in revenue growth from 2017 to 2020 making it the highest-ranking crypto asset trading platform amongst the Fast 50 winners. In the twelve months ended September 30, 2021, Bitbuy generated over $31.0 million in revenue.
Kevin O’Leary, globally renowned investor, ambassador and strategic advisor to WonderFi commented: “this is a combination of two management teams with excellent executional skills that now have the bandwidth, assets and licenses to provide an institutional grade compliant crypto platform to investors interested in exposure to centralized and decentralized financial services.”
“This transaction represents an exciting new chapter for Bitbuy,” said Dean Skurka, President and CFO of Bitbuy. “The alignment with WonderFi’s talented team, along with numerous operational synergies, represents opportunities for future growth we can collectively share with our clients, staff and shareholders.”
Key Transaction Benefits
- In-houses one of Canada’s fastest growing crypto platforms with leading market share in BTC/CAD and ETH/CAD and a demonstrated history of material revenue growth
- Introduces multiple new business lines to WonderFi, including an approved crypto marketplace and OTC business which services both retail and institutional clients
- Introduces a strong front-end business line to WonderFi, enabling licensed fiat on-ramp and platform to a growing Canadian market segment
- Adds over 375,000 registered users to the WonderFi ecosystem and over $455 million of assets under custody as at December 31, 2021.
- Presents the ability to bring new features, offerings and functionality to an existing user base on the Bitbuy platform
- Establishes WonderFi as the owner and operator of the first crypto marketplace license in Canada
- Accelerates product development capabilities and scaling potential by adding over 80 staff including engineers and other personnel
- Material revenue and cost synergies expected via user base integration, cross selling services and a combined global offering
Transaction Details
Under the terms of the agreement, the consideration to Bitbuy shareholders will consist of 70 million newly issued common shares of WonderFi, $20 million in upfront cash and $30 million in deferred cash via a vendor-takeback note due in 12 months, implying an aggregate transaction value of approximately $206 million. WonderFi will use its balance sheet to fund the cash consideration.
WonderFi will retain substantially all current Bitbuy employees and enter into employment agreements with key members of the management team. Upon closing, WonderFi will appoint one Bitbuy nominee as an independent member of WonderFi’s Board of Directors and, at the next annual meeting of shareholders, will nominate Dean Skurka to the Board. Mark Binns resigned from the WonderFi Board of Directors effective January 3, 2022.
The transaction has been approved by the boards of directors of both WonderFi and Bitbuy. The acquisition is expected to close in the first quarter of 2022, subject to approval by WonderFi and Bitbuy shareholders, as well as certain related matters and other acquisition-related closing conditions and regulatory approvals. WonderFi and Bitbuy have received voting support agreements for the transaction from the holders of more than two-thirds of all classes of Bitbuy shares.
Advisors
Cassels Brock & Blackwell LLP is acting as legal advisor to WonderFi on this transaction and Haywood Securities Inc. provided a fairness opinion to the Board of Directors of WonderFi. Canaccord Genuity Corp. is acting as financial advisor and Chitiz Pathak LLP and Wildeboer Dellelce LLP are acting as legal advisors to Bitbuy on this transaction.
Additional Information
For additional information, please contact:
WonderFi Technologies Inc.
Ben Samaroo, CEO
[email protected]
(778) 843-9637
Investor Relations Contact: [email protected]
Media Contact: [email protected]
Bitbuy Technologies Inc.
Dean Skurka, President
[email protected]
Media Contact: [email protected]
ABOUT WONDERFI
WonderFi is a leading technology company with the mission of creating better access to DeFi through the core principles of simplicity and education. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets. WonderFi’s executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi’s core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access DeFi in a simple, smart and secure way. For more information, visit www.wonder.fi.
ABOUT BITBUY
Bitbuy is a Canadian owned and operated digital asset marketplace and restricted dealer. Bitbuy’s mission is to provide its clients the best global prices, the deepest liquidity, and the most digital asset products in Canada with a convenient, dependable, and secure platform. Bitbuy is proudly registered as a restricted dealer and is Canada’s first registered digital asset marketplace in Canada. Bitbuy’s head office is in downtown Toronto, with over 85 employees. In addition to its registration as a Marketplace and Restricted Dealer, Bitbuy is also registered with FINTRAC as a Money Services Business under the Virtual Asset Service Provider category. Bitbuy was founded in 2016 and is currently one of Canada’s largest cryptocurrency platforms by trading volume. Bitbuy offers crypto trading services to beginners, advanced traders, and corporations making it The crypto destination of investors.TM
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, or variations of such words, and includes the anticipated benefits of the transaction, the ability of the Company and Bitbuy to obtain all necessary shareholder and regulatory approvals, and the ability of the Company and Bitbuy to close the transaction on the terms and timing described herein, or at all.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the inability of the Company and Bitbuy to integrate successfully such that the anticipated benefits of the transaction are realized, the inability of the Company and Bitbuy to obtain the necessary regulatory and shareholder approvals for the transaction, the inability of the Company and Bitbuy to close the transaction on the terms and timing described herein, or at all, the inability of the Company to work effectively with strategic investors; and material adverse changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither NEO Exchange nor its Regulation Services Provider (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Blockchain
Blocks & Headlines: Today in Blockchain – May 19, 2025 | DoubleZero, Toobit, Story Protocol, Marco Polo, Argo Blockchain
May 19, 2025 — As the blockchain industry surges into its next phase of maturity, today’s briefing spotlights five pivotal developments shaping the crypto ecosystem: the physical limits of the public internet, a major exchange’s European push, Hollywood’s bet on Web3, blockchain’s role in global trade finance, and the drive for sustainable mining. Together, these stories reflect an industry wrestling with infrastructure bottlenecks, forging new community models, and renewing its environmental and regulatory commitments. From fiber-optics rails to Hollywood IP tokenization, let’s unpack what matters today—and why it matters to you.
1. Breaking the Bandwidth Barrier: DoubleZero’s Quest for High-Speed Blockchain Rails
The Story: At Consensus 2025 in Toronto, DoubleZero co-founder and CEO Austin Federa warned that today’s public internet “was never built for high-performance systems,” creating a critical bottleneck for high-throughput blockchain networks. Unlike traditional client–server models, modern blockchains require validators to rapidly switch between heavy data consumption and mass broadcast, demanding both low latency and massive bandwidth. By building dedicated fiber-optic communication rails, DoubleZero aims to slash transaction latency, tighten DeFi spreads, and unlock new use cases once stymied by internet constraints. Founded in late 2024, the project raised $28 million and plans its public mainnet launch in H2 2025, following an April token sale open to validators from Solana, Celestia, Sui, Aptos, and Avalanche.
Analysis & Implications: Federa’s remarks signal a shift: the limiting factor for blockchain performance has moved off software and compute and onto physical infrastructure. As decentralized networks scale, the quality of global connectivity becomes paramount. For DeFi traders, faster rails could mean tighter arbitrage windows and lower slippage; for enterprise adopters, sub-second confirmations could finally rival traditional payment rails. Yet building and maintaining dedicated networks carries capital and regulatory burdens. Will blockchain projects partner with telecom giants or build private consortia? How will this influence the ongoing L2 vs. L1 scalability debate? As the blockchain space broadens into enterprise domains, physical network investments may become as strategic as protocol design.
Source: Cointelegraph
2. Toobit’s European Expansion: Platinum Sponsorship at Dutch Blockchain Week
The Story: On May 19, Toobit announced its role as Platinum Sponsor of Dutch Blockchain Week 2025 (May 19–25) and revealed plans to host a booth at the Dutch Blockchain Summit in Amsterdam on May 21–22. Coming off its Platinum role at Web3 Amsterdam earlier this year, the award-winning derivatives exchange seeks to deepen ties with Europe’s crypto community—showcasing trading solutions, exploring partnerships, and engaging physically with its user base.
Analysis & Implications: Sponsorship of marquee events like Dutch Blockchain Week underscores exchanges’ pivot toward community engagement and regional regulatory alignment. As the EU advances its Markets in Crypto-Assets (MiCA) framework, European crypto players face both opportunity and uncertainty. Toobit’s visible presence signals confidence in the continent’s evolving legal landscape—and the strategic importance of in-person dialogue. Beyond brand building, these events catalyze partnerships with custodians, DeFi projects, and institutional investors. For traders, this focus on local engagement could translate into tailored products—European stablecoins, localized fiat on-ramps, or region-specific compliance tools. Toobit is betting that boots on the ground matter as much as bits on the chain.
Source: GlobeNewswire
3. Hollywood Meets Web3: David Goyer’s “Emergence” Universe on Story Protocol
The Story: At Consensus’s Toronto conference, filmmaker David Goyer (Blade trilogy, The Dark Knight, Apple TV’s Foundation) unveiled Emergence, a sprawling sci-fi franchise built on his blockchain platform Incention and powered by Story Protocol. Leveraging a 2,500-page story bible and an AI “Atlas” agent, Goyer plans community-driven storytelling—fans co-create characters, up-vote submissions, and share licensing upside via on-chain smart contracts. Story Protocol, which has raised over $80 million from a16z, Hashed, and Endeavor, offers IP registration, royalty-sharing, and permissioned remixing, aiming to decentralize franchise building.
Analysis & Implications: Goyer’s venture epitomizes the emerging creator economy in Web3, where tokenized IP and community governance challenge Hollywood’s top-down model. By placing narrative rights and royalties on-chain, creators and fans potentially share in franchise upside—aligning incentives but also demanding robust smart-contract frameworks. Yet risks abound: quality control, legal enforceability of on-chain IP, and community moderation. Will traditional studios adapt or resist? And can emergent on-chain governance scale for billion-dollar franchises? As AI and blockchain converge, the entertainment industry faces disruptive opportunities—and headwinds—around ownership, monetization, and creative collaboration.
Source: CoinDesk
4. Beyond Letters of Credit: Blockchain’s Transformative Role in Digital Trade Finance
The Story: In a comprehensive overview, Global Trade Magazine highlights blockchain’s potential to overhaul international commerce by digitizing trade finance workflows. Traditional paper-based processes—letters of credit, bills of lading—are slow, error-prone, and fraud-susceptible. Blockchain introduces immutable, shared ledgers and smart contracts that automate payment releases (e.g., upon IoT-verified delivery), collapse settlement times from weeks to hours, and enhance KYC/AML compliance via permissioned networks. Platforms such as R3’s Marco Polo, the we.trade consortium, and IBM/Maersk’s TradeLens demonstrate real-world deployments. Looking ahead, AI, machine learning, and IoT integration will further streamline risk scoring and anomaly detection—but challenges around protocol interoperability, regulatory standardization, and legal enforceability remain.
Analysis & Implications: As global trade rebounds post-pandemic, inefficiencies in trade finance cost banks and businesses billions annually. Blockchain’s promise lies in single-source-of-truth data sharing—cutting reconciliation costs and unlocking capital. For DeFi projects eyeing institutional corridors, tokenized trade-finance instruments could represent multi-trillion-dollar on-chain markets. Yet widespread adoption hinges on multi-stakeholder collaboration—banks, customs agencies, insurers, and carriers—and on harmonized regulations. The next frontier: bridging public and private blockchains, ensuring data privacy while enabling transparency. For blockchain advocates, trade finance offers both a showcase and a stern test of real-world scalability.
Source: Global Trade Magazine
5. Argo Blockchain’s Green Mining Playbook for 2025
The Story: UK-based miner Argo Blockchain (LSE: ARB, NASDAQ: ARBK) continues to expand sustainable crypto-mining operations in 2025. Leveraging hydroelectric power in Quebec and deregulated energy in Texas, Argo mined 1,298 BTC in 2024 at 2.8 EH/s capacity. In March, it announced a $25 million credit facility to upgrade its Texas data center with next-gen ASICs—targeting a 20% hash-rate boost by Q3 2025. With 95% of Quebec power from renewables, Argo aims for 3.5 EH/s by 2026. Competitors Marathon Digital (29.8 EH/s) and Riot Platforms (22.5 EH/s) focus on vertical integration and energy arbitrage, but remain more reliant on fossil fuels. Facing Bitcoin’s price swings, halving pressure, and potential regulatory curbs, Argo’s public listing and green credentials position it to attract ESG-conscious investors.
Analysis & Implications: Crypto mining’s environmental impact remains a flashpoint. Argo’s renewable-first strategy offers a template for sustainable operations, but scaling green hashing sustainably—and profitably—poses capital and regulatory challenges. As governments scrutinize energy usage, mining hubs may shift toward regions with abundant renewables. The storage of zero-carbon electricity via mining rigs could even emerge as a grid-stabilization service. Yet profitability remains tightly coupled to Bitcoin’s price and block rewards. For institutional backers and ESG funds, companies like Argo may represent the safest crypto-mining bet. However, industry consolidation and hardware innovation cycles will determine who thrives in this high-stakes infrastructure race.
Source: Blockchain Magazine
Conclusion: Key Takeaways
-
Infrastructure Matters: With dedicated fiber-optics rails, projects like DoubleZero spotlight that blockchain scaling is as much about hardware as code.
-
Regional Engagement: Toobit’s European sponsorship underscores the ongoing importance of in-person community building amid evolving regulatory regimes.
-
Creator-Economy Revolution: David Goyer’s Emergence franchise illustrates Web3’s potential—and complexities—in democratizing IP creation and monetization.
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Institutional Use Cases: Trade finance remains a prime arena for blockchain’s real-world impact, but adoption depends on interoperability and regulation.
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Sustainability Imperative: Mining firms like Argo must balance growth, profitability, and environmental stewardship to appeal to both crypto purists and ESG investors.
As the blockchain and cryptocurrency landscape advances, these stories offer a snapshot of an ecosystem grappling with scale, regulation, community, and sustainability. Stay tuned for tomorrow’s briefing—where we’ll continue to track the innovations and challenges defining Web3’s evolution.
The post Blocks & Headlines: Today in Blockchain – May 19, 2025 | DoubleZero, Toobit, Story Protocol, Marco Polo, Argo Blockchain appeared first on News, Events, Advertising Options.
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