Kevin O’Leary company has expanded its market presence by agreeing to buy Toronto-based exchange Coinberry for $31 million
Kevin O’Leary Buys Toronto-based Exchange Coinberry For $31 Million
WonderFi Technologies, which is backed by “Shark Tank” star Kevin O’Leary, has agreed to buy Toronto-based exchange Coinberry for $31 million, expanding its market presence.
“Mr. Wonderful” called the acquisition “extremely important,” emphasizing the importance of compliant access to cryptocurrencies.
Earlier this year, the Vancouver-based DeFi company agreed to pay $161.8 million for Bitbuy, one of the leading Canadian exchanges. The agreement enabled the rapidly expanding project to add more than 370,000 users.
Kevin O’Leary Is A Staunch Cryptocurrency Advocate
Despite dismissing Bitcoin as “garbage” in 2019, O’Leary has since become a staunch cryptocurrency advocate, allocating 3% of his portfolio to cryptocurrency.
O’Leary had one-fifth of his portfolio in cryptocurrencies and stocks of blockchain-related companies as of early March, more than doubling his exposure in a matter of months.
Last August, the Canadian businessman was appointed as a spokesperson for the FTX exchange. He is supposed to be paid in crypto assets as part of a multi-year agreement with the exchange.
After investing in WonderFi, O’Leary became a firm believer in decentralized finance. He told Business Insider last year that financial middlemen would be left with “shining shoes.”
Nonetheless, the space is rife with hacks and scams. The Beanstalk stablecoin protocol was drained of $182 million on Sunday.
