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WonderFi to Acquire Blockchain Foundry in All-Stock Deal | BetaKit

WonderFi continues its acquisition spree of Canadian crypto companies.

Despite the pursuit crypto winterWonderFi remains active in its acquisition strategy, reaching an agreement to acquire Toronto-based Blockchain Foundry (BCF) in an all-stock deal.

WonderFi said it expects approximately 26.2 million of its common shares will be issued to BCF shareholders as consideration, representing approximately 13.4% of WonderFi’s issued and outstanding shares. A WonderFi spokesperson told BetaKit that the BCF acquisition is worth approximately C$12.6 million.

Founded in 2016, BCF develops and markets blockchain-based business solutions, with a focus on infrastructure for digital assets and NFTs. The company also provides blockchain consulting services to enterprise clients.

Led by CEO Dan Wasyluk, BCF trades on the Canadian Securities Exchange, OTC markets and the Frankfurt Stock Exchange (FSE).

Earlier this year, BCF launched LastKnown, an NFT minting platform and marketplace for NFTs. More recently, BCF partnered with private investment firm The Palmer Group to launch a beta version of Metacademy, a “learn to earn” educational platform focused on hands-on Web3 learning.

For the remainder of the year, BCF said it will focus its time on further developing LastKnown and Metacademy, while releasing two other products: NFKeys, a tokengating solution; and FoundrySwap, BCF’s solution for connecting tokens from Syscoin’s NEVM blockchain to its core UTXO blockchain without the need for third-party software.

The acquisition of BCF, the company says, will add immediate scale to its product suite through WonderFi’s user base on its Bitbuy and Coinberry platforms.

RELATED: WonderFi to Acquire Coinberry for $38.5M in Stock as Canada’s Crypto Space Continues to Consolidate

Vancouver-based WonderFi, which trades on the Toronto Stock Exchange, OTC markets and FSE, provides access to digital assets such as crypto, DeFi, games and NFTs, in a compliant and regulated environment.

WonderFi recently submitted an application to list its common stock on the Nasdaq Capital Market, citing plans to accelerate its international expansion strategy, as well as attract global institutional and retail investors.

In March, WonderFi completed its acquisition of Bitbuy in a deal worth $206 million. He then completed his purchase of Coinberry in July, allocating $38.5 million in WonderFi stock for the deal.

Ben Samaroo, CEO of WonderFi, said the current economic conditions in the crypto market have made it “attractive” for WonderFi to be able to acquire companies like BCF, which have the potential to complement major crypto asset trading platforms. from WonderFi, Bitbuy, and Coinberry, while adding cash, liquid digital assets, and a “portfolio of private emerging crypto investments to WonderFi’s balance sheet.”

Since WonderFi’s purchase of Bitbuy, Samaroo said in June that WonderFi had reduced its staff at both companies by 15-20%.

As reported in WonderFi’s third quarter financial results for 2022, Bitbuy’s full quarterly report has been included in WonderFi’s consolidated results for the first time. According to WonderFi, it continues to optimize Bitbuy’s operations, including “strategic alignment of technology and resources”.

As of June, WonderFi reports that it has $356 million in total assets, including $15 million in cash and $5.6 million in crypto assets and inventory. It also holds $187 million in assets under custody for its clients.

Featured image from WonderFi’s website.


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