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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Crypto/Blockchain

Wonderfi Technologies brings web 3.0 closer to reality

Blockchain Foundry’s focus has been on providing infrastructure for digital assets and NFTs, and it also runs a blockchain consulting service for corporate clients.

Wonderfi
Image courtesy of LastKnown.com

Wonderfi Technologies (CSE:WNDR) entered into an agreement to acquire Blockchain Foundry (CSE:BCFN).

What this adds for Wonderfi’s existing stable of programs and platforms is a LastKnown, a non-fungible token (NFT) minting platform and marketplace, which has launched three collections since its inception. It also includes Metacademy, originally launched in May, 2022, it’s an educational platform focused on hands-on learning about all things crypto—including, how to set up a crypto wallet, how to mint, buy and sell NFTs, and the differences between Web2 and Web3, as well as a primer on the metaverse.

“This acquisition further solidifies Wonderfi as the Canadian leader in the digital asset space. BCF is on a great trajectory with a diverse set of intellectual property, brand partnerships and a revenue-generating track record. The current economic conditions in the crypto market have made it attractive for Wonderfi to be able to acquire companies like BCF, which carry the potential to complement our core operating cryptoasset trading platforms Bitbuy and Coinberry while also adding cash, liquid digital assets, and a portfolio of private emerging crypto investments to Wonderfi’s balance sheet,” said Ben Samaroo, CEO of Wonderfi.

Wonderfi is a tech company involved in providing better access to digital assets through both centralized and decentralized platforms. The company’s executive team and board of directors have considerable experience in the world of finance and crypto, with previous experience at Amazon (NASDAQ:AMZN), Shopify (TSX:SHOP), PayPal (NASDAQ:PYPL), Galaxy Digital (TSX:GLXY) and Hut 8 Mining (TSX:HUT). Blockchain Foundry, in contrast, is a blockchain-centric business that produces, develops and commercializes consumer solutions for the blockchain sector. Its focus has been on providing infrastructure for digital assets and NFTs, and it also runs a blockchain consulting service for corporate clients.

In terms of revenue, BCF brought in $1.67 million for the 15 months ended March 31, 2022 and had both cash and digital assets of $7.24 million, as well as a portfolio of private crypto investments of $500,000.

Key developments:

  • Adds both value and assets to Wonderfi growing ecosystem angled towards the Web3 experience
  • LastKnown provides a full-service Web3 retail platform
  • The addition of Metacademy plays into Wonderfi’s strategic aim of raising awareness, education and access to Web3
  • Builds connections between decentralized and centralized finance through regulated crypto asset operating platforms like Bitbuy Technologies and Coinberry.

“We are thrilled to be joining the Wonderfi team, which has deep expertise in Web3 and a complementary product mix to BCF’s current products and development initiatives. There are numerous operational and consumer synergies which we can capitalize on to enhance opportunities across a range of Web3 experiences,” said Dan Wasyluk, CEO of Blockchain Foundry.

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