WonderFi to acquire Blockchain Foundry in all-stock deal

WonderFi continues to acquire Canadian crypto companies.

Despite the ongoing crypto winter, WonderFi remains active in its acquisition strategy, entering into a deal to acquire Toronto-based Blockchain Foundry (BCF) in an all-equity deal.

WonderFi said it expects approximately 26.2 million of its common stock to 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 CAD $ 12.6 million.

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

Led by CEO Dan Wasyluk, BCF operates 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 NFT. Most recently, BCF partnered with private investment firm The Palmer Group to launch a Beta version of Metacademy, a learning-to-earn educational platform focused on Web3 hands-on learning.

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

The acquisition of BCF, according to the company, will add immediate scalability to its suite of products across WonderFi’s user base on its Bitbuy and Coinberry platforms.

RELATED: WonderFi Will Acquire Coinberry for $ 38.5 Million in All-Stock Deal as Canadian Crypto Space Continues to Consolidate

Vancouver-based WonderFi, operating on the Toronto Stock Exchange, OTC Markets and ESF, provides access to digital assets such as cryptocurrencies, DeFi, games and NFTs, in a compliant and regulated environment.

WonderFi recently filed 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 concluded the acquisition of Bitbuy with a deal worth $ 206 million. He later completed the Coinberry purchase in July, earmarking $ 38.5 million in WonderFi stock for the transaction.

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

Since WonderFi’s purchase of Bitbuy, Samaroo said in June that WonderFi has reduced its staff in the two businesses by between 15 and 20 percent.

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

In June, WonderFi reported having $ 356 million in total assets, including $ 15 million in cash and $ 5.6 million in cryptocurrencies and inventory. It also holds $ 187 million in customer custody assets.

Featured image from the WonderFi website.

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