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 <p class="is-style-lead">WonderFi, through its subsidiary Bitbuy, has strategically acquired Bitvo.com, significantly increasing its share in Canada’s regulated <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchanges and altering the competitive landscape.</p>
 <p>WonderFi, through its subsidiary Bitbuy, has acquired Bitvo.com, marking a considerable expansion in the Canadian digital asset <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>. This acquisition brings WonderFi’s control to nearly half of all regulated exchanges in Canada, a notable shift in the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> landscape.</p>
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    <p lang="en" dir="ltr">.@WonderFi-owned @bitbuy has acquired the customers of fellow regulated Canadian #<a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange @BitvoCrypto. $WNDR #YYCtech #CDNtech https://t.co/n9FrkvsWOc</p>— BetaKit (@BetaKit) November 15, 2023
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 <p>By integrating Bitvo, which includes over 17,000 customer accounts and a trading volume exceeding $235 million last year, WonderFi significantly bolsters its market presence. This move not only increases the company’s scale but also diversifies its client base, with Bitvo having a strong institutional clientele.</p>
 <p>WonderFi CEO Dean Skurka emphasized the strategic nature of this acquisition, highlighting its non-dilutive aspect, immediate cash flow benefits, and a remarkably short expected payback period of less than six months. This indicates a confident approach towards rapid growth and <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> dominance.</p>
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 <p>However, this consolidation raises critical questions about <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> competition and consumer choice. With WonderFi owning five of the eleven registered <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-trading platforms in Canada, there is a potential concern about reduced <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> competition and the implications for Canadian <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> traders in terms of service diversity and pricing.</p>
 <p>Simultaneously, the Canadian crypto market is experiencing notable shifts. U.S. trading platforms like Coinbase have recently entered the Canadian market, following the exit of Binance and Bybit. This entry signifies a growing interest from international players, potentially challenging WonderFi’s dominance.</p>
 <p>Furthermore, the broader North American context is essential. The U.S. and Canada collectively contribute to about 24% of global crypto transactions, according to Chainalysis. This highlights the strategic importance of the Canadian market in the global crypto landscape.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/wonderfi-acquires-bitvo-expanding-its-hold-on-the-canadian-crypto-market-tbt70438.html">https://thebittimes.com/wonderfi-acquires-bitvo-expanding-its-hold-on-the-canadian-crypto-market-tbt70438.html</a></p>

WonderFi acquires Bitvo, expanding its hold on the Canadian crypto market

TheBitTimes

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