Clyde & Co Provides Legal Guidance to WonderFi on Its Expansion into Australia as Crypto Trading Platform Operator Explores New Markets

WonderFi’s acquisition facilitates the provision of crypto spot and stablecoin trading options in Australia.

Brisbane, 26 March 2024: International legal practice Clyde & Co provided guidance to the Canadian-listed cryptocurrency trading platform, WonderFi Technologies (WNDR.TO), on its purchase of FX Institution. This strategic action sets the stage for WonderFi’s growth across the Asia Pacific territory. Notably, WonderFi owns Bitbuy and Coinsquare, two of Canada’s premier crypto exchanges, and runs SmartPay, its cryptocurrency payments operation globally.

This deal is pending approval from the relevant authorities.

Extending WonderFi’s Reach

Through the acquisition of FX Institution, WonderFi aims to present offerings in spot and stablecoin crypto trading. By the second quarter of 2024, contingent on regulatory consent, WonderFi is set to introduce OTC structured products trading services within Australia, partnering with Clyde & Co. Acknowledged as a top-tier market for digital asset exchanges internationally, Australia boasts one of the highest cryptocurrency adoption rates amongst the world’s developed economies.

Matthew Ellis, a Clyde & Co partner based in Melbourne, commented: “It has been a rewarding experience assisting WonderFi with their entry into the Australian market through this transaction. We anticipate their success in this arena that will positively impact Australia’s thriving digital assets industry.”

In agreement, Liam Hennessy, a Brisbane-based partner at Clyde & Co, remarked: “This pivotal acquisition signifies an important moment for WonderFi, and it was an honour to manage such a transaction supported by our globally acclaimed digital assets practice, coupled with comprehensive knowledge in financial services regulations.”

Working alongside Matthew and Liam on this transaction were Isabelle Nash, Clyde & Co Special Counsel, with the support of Associates Matthew Boyhan and Celine Xia.