WonderFi Technology Inc. announced Monday that it has agreed to purchase Coinberry, one of just six crypto trading platforms that have been licensed to operate by securities regulators in this Canada.

The deal is worth approximately $38.6 million in stock and is expected to close in the second quarter of this year.

“This acquisition further establishes WonderFi as a leader amongst crypto companies in Canada, and along with our acquisition of Bitbuy, establishes a great framework for our expansion into global markets in 2022,” said Ben Samaroo, chief executive officer at WonderFi, in a release. “As we continue our consolidation of leading licensed crypto platforms, our user count, revenue and pool of talent continues to grow.”

Cryptocurrency trading has exploded in popularity over the past several years as investors flock to the volatile asset class seeking quick returns. As Canadian and U.S. securities regulators look to rein in the high-flying crypto market, the industry has been faced with consolidation that has seen outfits like Bolt Financial Inc. buy crypto-services startup Wyre Payments Inc. in a deal worth US$1.5 billion, according to The Wall Street Journal. Meanwhile, WonderFi made headlines when it acquired Canadian crypto marketplace Bitbuy in March for $206 million in cash and stock.

Coinberry was founded in 2017 and has become one of Canada’s leading crypto trading platforms with $100 million in assets under custody and has managed more than $1 billion transactions to date. It features 29 of the top cryptocurrency trading pairs and has over 220,000 users, according to the WonderFi release.

Under the terms of the agreement, Coinberry shareholders will receive approximately 29.1 million newly-issued common shares of WonderFi.

As part of the takeover arrangement, Coinberry CEO Andrei Poliakov and a Coinberry nominee will be up for election to WonderFi’s board of directors at its next annual meeting.

“We have a shared belief with WonderFi that providing our users with convenient access to crypto wealth building opportunities through a seamless integration and unified access to digital assets is the future and where we are positioning ourselves,” said Poliakov in a release. “At Coinberry, we set out to build the global digital financial institution of the future and we are very happy to be joining the phenomenal WonderFi team to achieve this goal.”