F|T: The FinTech Times – Crypto Consolidation in Canada

Plus: The Beanstalk cryptocurrency project was stolen after hackers voted to send themselves $182 million.

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WonderFi to Acquire Coinberry for $38.5M in All-Stock Deal as Canadian Crypto Space Continues to Consolidate (BETAKIT)

Less than a month after closing its acquisition of Bitbuy, Vancouver-based WonderFi has signed an agreement to acquire another licensed Canadian crypto platform from Coinberry in Toronto for approximately C$38.5 million. in WonderFi shares. As part of this acquisition, Cinaport Acquisition Corp. III has agreed to settle his lawsuit against Coinberry.


CoinDCX Raises $135M in Funding as Valuation Doubles to $2.15B (THE ECONOMIC TIMES)

Crypto trading exchange CoinDCX has raised $135.9 million (roughly Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year. year to become the most popular crypto trading platform in India.


How Lending Loop went from peer-to-peer lending to a cross-border banking platform for e-commerce (BETAKIT)

Lending Loop’s business took another hit when the federal government began providing loans to small businesses through various programs, which made it difficult for Lending Loop to provide meaningful capital, Pastoll said. to BetaKit in an interview.


Beanstalk cryptocurrency project stolen after hacker votes to send himself $182 million (THE EDGE)

On Sunday, an attacker managed to drain around $182 million worth of cryptocurrency from Beanstalk Farms, a decentralized finance (DeFi) project aimed at balancing supply and demand for different cryptocurrency assets. Notably, the attack leveraged Beanstalk’s majority vote governance system, a core feature of many DeFi protocols.


POWERED BY OSLER:

Osler Releases Inaugural Multi-Year Study of Over 300 Canadian Venture and Growth Capital Fundings

Osler’s Emerging and High Growth Practice has released its first in-depth study of 332 anonymized venture capital and growth capital financings from 2019-2021, valued at US$5.7 billion, providing data and ideas for founders, entrepreneurs, investors and advisors considering deals this year and beyond.

The report is unique because it draws on both publicly available data on venture capital and growth equity financing, as well as Osler’s confidential, anonymous data sources. The report’s authors distilled actionable insights into the data, including common terms and structural considerations.

Read the Dealing Points Report: Venture Capital Funding


Venture capital funding in Toronto continued to hit new highs in Q1 2022, but tech valuations may be due to cooling (BETAKIT)

Toronto’s tech sector swept VC funding records again in the first quarter of 2022, but showed signs it could cool off in the coming quarters. Meanwhile, the first quarter also saw Alberta’s tech sector set a new VC funding record, British Columbia posted strong results, while Waterloo Region “moved in the right direction.” direction,” according to new reports from briefed.in.


Better.com’s third round of layoffs in five months would impact more than 1,000 employees (TECHCRUNCH)

Digital mortgage company Better.com has made its third mass layoff in less than five months, citing a declining mortgage market, according to an email to employees seen by TechCrunch.


QuadFi signs up to C$127 million deal to provide loans to underserved people (BETAKIT)

Toronto-based online lender QuadFi has secured a deal for a new funding facility of up to C$127 million (US$100 million) from Crayhill Capital Management.


Despite growth in the number of crypto corn, the sector is not immune to macro trends (CRUNCHBASE)

According to data from Crunchbase, the first quarter saw venture capital-backed companies in the crypto space raise around $5.1 billion, less than the $6.6 billion that poured into the sector. in the fourth quarter of last year, and also less than the $6.3 billion seen in the first quarter. of 2021.


Brim co-founder raises $10 million for new ‘smart card’ startup Savvii (BETAKIT)

FinTech startup Savvii Group Inc. secured $10 million in seed funding which closed at the end of last quarter. Funding came from a financial investment firm, which the startup declined to disclose.


Robinhood relaunches UK launch plans with deal to buy crypto app Ziglu (CNBC)

Robinhood said on Tuesday it had agreed to buy Ziglu, a London-based FinTech app that allows users to trade bitcoin and several other cryptocurrencies. The acquisition will help its expansion plans in the UK and Europe, the company said.


Versapay Expands Accounts Receivable Solutions with Acquisition of DadeSystems (BETAKIT)

The acquisition is being financed by Great Hill Partners and Ten Coves Capital, the latter being an investor in DadeSystems. As part of the acquisition of DadeSystems by Versapay, Ten Coves transfers its stake in Versapay.


Plaid co-founder takes aim at Rickety Banking Tech (THE WALL STREET NEWSPAPER)

Even the most successful FinTechs have to rely on banks to do their tedious financial work. William and Annie Hockey believe Column may be their bank of choice.


Responsive Receives $3.5M in Series A Funding Round Backed by The Co-operators for Expansion in the US and Europe (BETAKIT)

The financing was led by The Co-operators, a Canadian insurance cooperative. The Co-operators uses Responsive’s solutions to provide personalized onboarding and advisory workflows to its clients, and said it will continue to partner with Responsive to add more functionality to its wealth management platforms. in the future.


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