Clyde & Co advises crypto trading platform operator WonderFi on Australian expansion

  • Press Releases 26 March 2024 26 March 2024

Purchase will allow WonderFi to offer its spot and stablecoin crypto services in Australia

Clyde & Co advises crypto trading platform operator WonderFi on Australian expansion

Brisbane, 26 March 2024: Global law firm Clyde & Co advised Canadian-listed crypto trading platform operator WonderFi Technologies (WNDR.TO) on its acquisition of FX Institution, which will enable WonderFi’s expansion in the Asia Pacific region. WonderFi is an industry consolidator which wholly owns and operates two of Canada’s largest regulated crypto trading platforms, Bitbuy and Coinsquare, as well as its global crypto payments business, SmartPay.

The transaction remains subject to regulatory approvals.

WonderFi’s expansion

The acquisition of FX Institution will permit WonderFi to offer spot and stablecoin cryptocurrency trading. WonderFi plans to launch over-the-counter (OTC) structured products trading services in the country in Q2 2024, subject to regulatory approvals, and working with Clyde & Co. Australia is a key digital assets market globally with one of the highest rates of cryptocurrency adoption among developed nations.

Matthew Ellis, partner at Clyde & Co in Melbourne, said: “We are very pleased to have assisted WonderFi enter the Australian market through this acquisition, and look forward to seeing their team succeed in this market and contribute to Australia’s digital assets sector.”

Liam Hennessy, partner at Clyde & Co in Brisbane, added: “This is a landmark acquisition for WonderFi and we were ideally placed to handle this transaction given our seamless market-leading digital assets practice that spans the globe, and deep financial services regulatory expertise.”

Matthew and Liam were assisted by Clyde & Co Special Counsel Isabelle Nash, and Associates Matthew Boyhan and Celine Xia.