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WonderFi Announces Proposed Transaction for Bitbuy to Acquire CoinSmart Client Accounts
Toronto, Ontario--(Newsfile Corp. - September 8, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi Announces Proposed Transaction for Bitbuy to Acquire CoinSmart Client AccountsToronto, Ontario--(Newsfile Corp. - September 8, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the \"Company\" or \"WonderFi\"), today announced that its wholly-owned subsidiary Bitbuy Technologies Inc. (\"Bitbuy\") proposes to purchase all client accounts of Simply Digital Technologies Inc. (\"CoinSmart\") (the \"Transaction\").The Transaction will be carried out by way of an asset purchase agreement, where Bitbuy will purchase and assume from CoinSmart all of CoinSmart's rights, title and interest in, as well as any and all obligations associated with the servicing of CoinSmart's client accounts. The Company anticipates that the transaction will close prior to the end of September of this year. This strategic move is part of WonderFi's plan to enhance the trading experience for its users following the initial acquisition of CoinSmart Financial Inc. By migrating CoinSmart's clients to Bitbuy, the Company aims to realize cost synergies and operational efficiencies while offering an increased range of services and a more accessible trading experience. CoinSmart users will gain access to a variety of services exclusive to Bitbuy, including crypto staking. \"We are excited to migrate CoinSmart's users to the Bitbuy platform,\" said WonderFi President and Chief Executive Officer, Dean Skurka. \"This consolidation is part of our company strategy to streamline our operations and realize significant cost savings. As we continue to execute, we are getting closer to our goal of achieving profitability across the company.\" Bitbuy is committed to making this transition as smooth as possible for CoinSmart users. There is no action required on the part of CoinSmart users, as their accounts and funds will be securely migrated to the Bitbuy platform. Users can expect clear communication and support throughout the process, ensuring a seamless transition. All CoinSmart account holders will receive further information related to their accounts and the Transaction.ABOUT WONDERFIWonderfi wholly owns three Canadian based registered crypto trading platforms being Bitbuy, Coinsquare and Coinsmart, wholly owns SmartPay, a global crypto payment processing platform, and is the largest shareholder of Tetra, a leading Canadian digital asse...