Ornella Hernandez

<div id="highlights-block_6299dd9749ad1" class="highlights">
 <ul>
 <li>The announcement comes on the heels of a visit by Women in Web3 to the emirate</li>
 <li>Abu Dhabi is just one of many cities working with Unstoppable Domains, others to be announced throughout the year</li>
 </ul>
 
</div>



Unstoppable Domains, a decentralized domain name provider, is running a giveaway in collaboration with Abu Dhabi firms to ensure each woman residing in the United Arab Emirates (UAE) capital receives a domain name.&nbsp;



The idea came out of a meeting of entrepreneurs from the US-based Women of Web3 organization, Access Abu Dhabi — a program that helps women-led business expand into the UAE — and the Emirati government’s Abu Dhabi Investment Office (ADIO).



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><a href="https://twitter.com/unstoppableweb?ref_src=twsrc%5Etfw">@unstoppableweb</a> is giving free <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>, <a href="https://twitter.com/hashtag/NFT?src=hash&amp;ref_src=twsrc%5Etfw">#NFT</a>, and <a href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw">#blockchain</a> domains to all women in <a href="https://twitter.com/hashtag/AbuDhabi?src=hash&amp;ref_src=twsrc%5Etfw">#AbuDhabi</a>! In partnership with Access Abu Dhabi, powered by <a href="https://twitter.com/hashtag/ADIO?src=hash&amp;ref_src=twsrc%5Etfw">#ADIO</a>, the initiative aims to give women in Abu Dhabi the opportunity to enter the world of <a href="https://twitter.com/hashtag/Web3?src=hash&amp;ref_src=twsrc%5Etfw">#Web3</a> and be part of shaping the future🌐 <a href="https://t.co/WvLFxcIdAV">pic.twitter.com/WvLFxcIdAV</a>&mdash; Abu Dhabi Investment Office (@InvestAbuDhabi) <a href="https://twitter.com/InvestAbuDhabi/status/1532298549144207361?ref_src=twsrc%5Etfw">June 2, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The mission of the initiative, according to Unstoppable Domains&#8217; Senior Vice President Sandy Carter, is to give power back to the people. A “domain in Web3 is actually a domain with superpowers,” she said.



Each Unstoppable Domain web name is an NFT that is minted and sold like any other non-fungible token. While users can usually choose whatever domain they want, if available, the giveaway will allow people to secure their given names. The most popular top level domains are .nft, .crypto and .888 — which is popular in China and among Abu Dhabi’s large Chinese population, Carter said.



Tying a domain name to a singular, portable digital identity, whether from Unstoppable Domains or one from competitors such as Ethereum Name Service (ENS), enables the holder to replace complicated crypto wallet addresses and have more control over their data.&nbsp;



Carter told Blockworks that Unstoppable Domains’ vision is to help cities that are interested in educating their citizens on Web3 to get started. Abu Dhabi was the chosen location to kick-start this initiative that aims to educate its citizens on Web3 and support businesswomen. Other cities will be announced throughout the year, according to the company.



Sarah Omolewu, managing partner of Maven Global Access and founder of Access Abu Dhabi, said in a statement, &#8220;In a market of expats from more than 200 countries, this initiative could potentially impact the lives of generations of women around the world.&#8221;



She added that more and more women are recognizing the value that blockchain technologies have in growing and funding their businesses. But the biggest barrier to entry is making educational opportunities accessible and widespread.&nbsp;



That’s why earlier this year, Carter <a href="https://www.prnewswire.com/news-releases/unstoppable-women-of-web3-launches-diversity-and-education-initiative-with-10-million-grant-by-unstoppable-domains-301497231.html" target="_blank" rel="noreferrer noopener">founded</a> the networking and training group “Unstoppable Women of Web3,” made up of a coalition of companies including Blockchain.com, Deloitte, Google Cloud, Polygon and Consensys. Unstoppable Domains pledged to distribute over $10 million worth of NFT domains to support women in their Web3 journey. 



Public figures including supermodel Tyra Banks represented America at the Women in Web3 delegation visit from May 24-26 in Abu Dhabi. Kevin O’Leary, &#8220;Shark Tank&#8221; personality and businessman, is an ambassador of Access Abu Dhabi but was not present at the meeting.



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Unstoppable Domains Gifted Blockchain Domain Names to 1M Women in Abu Dhabi

Casey Wagner

<div id="highlights-block_6259da4816b6d" class="highlights">
 <ul>
 <li>WonderFi announces plans to purchase second crypto exchange in Canada, which will give it a 33% market share </li>
 <li>The teams expect the regulatory approval process to move quickly after its last acquisition set a precedent</li>
 </ul>
 
</div>



A month after closing its last deal, Canada-based decentralized finance company WonderFi Technologies has announced plans to purchase Coinberry, another regulated cryptocurrency exchange. 



WonderFi has entered a definitive agreement to purchase <a href="https://www.coinberry.com/" target="_blank" rel="noreferrer noopener">Coinberry</a> for $25.54 million. The exchange, founded in 2017, currently services over 220,000 Canadian clients and has posted over $1 billion in transactions to date.&nbsp;



“We have a shared belief with WonderFi that seamless integration and unified access to digital assets is the future and where we want to be positioned,” said Coinberry CEO and Founder, Andrei Poliakov.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“We chose this route for Coinberry because we felt it was the best thing for our loyal Canadian users and this merger will give users access to the best prices, the best products, and the best service.”   </blockquote>



In March, WonderFi <a href="https://cms.blockworks.co/wonderfi-announces-closing-of-bitbuy-acquisition-overcoming-regulatory-hurdles/" target="_blank" rel="noreferrer noopener">closed its acquisition</a> of First Ledger Corp, the parent company of Bitbuy Technologies, after first announcing plans to purchase the exchange in January. Regulatory hurdles were behind the delay, as it marked the first time in Canadian history that every provincial regulator had to approve a change of control where a publicly traded company, WonderFi, was acquiring an approved crypto entity, said Ben Samaroo, CEO of WonderFi.&nbsp;



The Coinberry purchase is subject to the same regulatory approval process, but the teams expect this process to move faster this time.&nbsp;



“WonderFi set a precedent with the acquisition of Bitbuy as it was the first acquisition of a licensed crypto platform in Canada,”  said Samaroo.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“As we have now carved the path for this type of acquisition, we expect that the Coinberry deal will achieve regulatory approval on a shorter timeline.” </blockquote>



Once the deal is finalized, WonderFi will own two out of the six registered cryptocurrency trading platforms in Canada, putting it at a 33% market share.&nbsp;



“WonderFi’s management team continues to execute on accretive acquisitions, and this is an extremely important one, because it shows the speed and vision behind WonderFi’s plan,” said Kevin O’Leary, an entrepreneur and WonderFi advisor and investor. “Compliant access to crypto is what matters, and WonderFi has quickly established itself as a leader in Canada. Next stop, global.”



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WonderFi Continues to Consolidate Canadian Market With Second Acquisition￼

<div id="highlights-block_623dbf2e1a8ef" class="highlights">
 <ul>
 <li>Months after the deal was introduced, WonderFi has announced the close of its acquisition of Bitbuy, the only regulated cryptocurrency exchange in Canada</li>
 <li>The process resulted in WonderFi’s product offerings being allowed to be made available in select Canadian provinces</li>
 </ul>
 
</div>



Canada-based decentralized finance company WonderFi Technologies has closed its acquisition of First Ledger Corp, the parent company of Bitbuy Technologies, after a long regulatory battle.&nbsp;



WonderFi, which trades on the Neo Exchange in Canada, has agreed to pay $161.8 million in USD in cash and shares.&nbsp;



The deal was <a href="https://cms.blockworks.co/kevin-oleary-backed-wonderfi-acquires-bitbuy/" target="_blank" rel="noreferrer noopener">first announced</a> in January 2022. It’s the first time in Canadian history that every provincial regulator had to approve a change of control where a publicly traded company, WonderFi, was acquiring an approved crypto entity, said Ben Samaroo, CEO of WonderFi. 



There were three main regulatory considerations in relation to the acquisition, Samaroo said.&nbsp;



“One, a change of control occurrence of a newly approved marketplace and restricted dealer, two, a publicly traded company acquiring a company holding these approvals and three, the acquirer, WonderFi, engaged in DeFi, a high-growth emerging industry,” he said. 



WonderFi was interested in the acquisition of Bitbuy because it provides an opportunity to combine a centralized exchange, Bitbuy, with WonderFi’s DeFi products.&nbsp;



“This is a very important transaction for WonderFi’s future,” said Kevin O’Leary, an entrepreneur and WonderFi advisor and investor, when the deal was first announced.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“When you think about customer acquisition, you want to make sure that you provide every opportunity to service that customer…you want to offer every service they want.” </blockquote>



Collectively, the two companies have raised over $100 million dollars over the past 12 months, making the combined entity the largest capital raised for any single crypto platform in Canada, according to WonderFi.&nbsp;



WonderFi’s DeFi products are not currently available throughout Canada, but Samaroo is hopeful that this regulatory process will open the door for greater compliance.&nbsp;



“As a result of this acquisition, the regulatory bodies in Canada prudently chose to take the opportunity to delve into the WonderFi product offerings,” he said. “The result of the regulatory exercise led to select provinces choosing to allow WonderFi’s products to be made available, while some of the other provinces elected to further review and develop their views on the new high-growth emerging industry.”



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WonderFi Announces Closing of Bitbuy Acquisition, Overcoming Regulatory Hurdles

<div id="highlights-block_61d4d731d3534" class="highlights">
 <ul>
 <li>DeFi platform WonderFi is moving into the exchange space with the purchase</li>
 <li>Bitbuy is looking to expand DeFi offerings through WonderFi’s application </li>
 </ul>
 
</div>



Decentralized finance company WonderFi Technologies has acquired Canadian cryptocurrency exchange Bitbuy in a deal of $161.8 million in cash and shares, the companies announced Tuesday.&nbsp;



Bitbuy, which became Canada’s first approved cryptocurrency marketplace in November 2021 has added more than 375,000 users and transacted more than $4.4 billion since its launch in 2016.&nbsp;



“This is a very important transaction for WonderFi’s future,” said Kevin O’Leary, an entrepreneur and WonderFi advisor and investor. “When you think about customer acquisition, you want to make sure that you provide every opportunity to service that customer… you want to offer every service they want.”&nbsp;



WonderFi will now own and operate the Bitbuy cryptocurrency marketplace and over-the-top business, which services both retail and institutional clients. The acquisition will help the cryptocurrency exchange expand more into DeFi offerings, which Bitbuy president Dean Skurka said is the future of the industry.&nbsp;



“We want to always be where the puck is going and DeFi is certainly representative of the future of finance and the future of crypto,” Skurka said.&nbsp;



Bitbuy will merge with the WonderFi retail app, providing greater opportunities for client trading and transactions, Skurka said.&nbsp;



The WonderFi and Bitbuy teams look forward to expanding offerings to both retail and institutional clients, but O’Leary said 2022 will be a significant year for <a href="https://cms.blockworks.co/kevin-oleary-bitcoin-etf-wont-be-approved-until-at-least-2023/" target="_blank" rel="noreferrer noopener">institutional adoption</a> in particular. 



“I spend the majority of my day speaking with institutions,” he said. “One of the great opportunities here is that many of them have not yet got clearance to buy crypto assets for a wide range of reasons, some of it has to do with ESG issues, some of it has to do with compliance and regulation.”&nbsp;



Bitbuy is a broad platform that will allow institutional investors to purchase crypto-related equities, opening the door for institutions to gain exposure to the asset class.&nbsp;



“We&#8217;ve been a retail-focused app primarily over the last four years, in terms of products,” Skurka said. “On the back of this marketplace license and now with this acquisition, we&#8217;ve been focusing more on institutional clientele.”&nbsp;



The acquisition is expected to close during the first quarter of 2022. Skurka will be appointed to the board upon closing. O’Leary joined the WonderFi team in June 2021 as a strategic investor following the close of a financing round. 



<hr class="wp-block-separator"/>



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<hr class="wp-block-separator"/>

Kevin O’Leary-Backed WonderFi Acquires Bitbuy

Ben Strack

<div id="highlights-block_6115301f1adf9" class="highlights">
 <ul>
 <li>Crypto industry doesn’t have regulators on board until the SEC greenlights a bitcoin ETF, O’Leary says</li>
 <li>Businessman looking into creating NFTs from collectible watches he owns, but says there is regulatory uncertainty in that market</li>
 </ul>
 
</div>



Kevin O’Leary, an entrepreneur and venture capitalist known widely outside of the financial world for his appearances on ABC’s Shark Tank, said he doesn’t think the SEC will approve a bitcoin ETF in the US until at least 2023.



“I personally believe it won’t be next year even,” he explained. “I don’t see it happening &#8211; it’s a personal opinion, I have no more information than anybody else &#8211; but I’ve listened to the regulator trying to read the tea leaves. I think they’re going to go slowly into this.”



More than a dozen ETFs in the US that would invest directly in bitcoin and other crypto-assets await approval by the SEC. Gary Gensler, chairman of the agency, <a href="http://v">hinted last week</a> that the SEC could look more favorably on applications for ETFs that are limited to investing in bitcoin futures contracts.



O’Leary’s comments came during Blockworks’ interview with O’Leary on Wednesday, during which he explained his new <a href="https://cms.blockworks.co/ftx-partners-with-shark-tanks-kevin-oleary/">relationship with cryptocurrency derivatives exchange FTX</a>. The company will be paying O’Leary in crypto to be its spokesperson after the venture capitalist made an equity investment in FTX.&nbsp;



The chairman of <a href="https://oshares.com/about/">O’Shares ETFs</a>, O’Leary said he bought his first positions in bitcoin, ether, Litecoin, and some other crypto assets in 2017 despite his criticisms of the space. Amid growing regulatory clarity over the last couple of years in a handful of European countries and Canada, he disclosed his 3% weighting to crypto.



O’Leary said he believes there is $1 trillion worth of buying power from institutions wanting to allocate 1% to 3% of their mandates in crypto if they become comfortable with ESG issues around bitcoin. He has been working with miners, noting his recent “big position” in <a href="https://hut8mining.com">Hut 8</a>, a digital asset mining company based in Alberta, Canada, that he said is working to mine sustainably.&nbsp;



But despite sustainability and volatility concerns around bitcoin, the main reason many institutional investors hesitate to invest in crypto assets is the uncertainty that they will be fully compliant with regulators and reporting requirements, according to O&#8217;Leary. 



“We are so early in this industry, and compliance departments generally don’t like cryptocurrencies, [so] it’s a long, hard climb up the hill to get them onside,” he said. “Every institution is dealing with this problem.”



O’Leary said the infrastructure bill was a missed opportunity, referring to the <a href="https://cms.blockworks.co/senate-fails-to-amend-crypto-tax-provision-in-infrastructure-bill/">Senate’s failure to include</a> a bipartisan amendment to exempt hardware wallet makers, cryptocurrency transaction validators, node operators and other non-brokers from tax regulations.



“I want the regulator to set the rules &#8211; I really do &#8211; because it opens up the floodgates,” O’Leary said. “We need to know what is regulated and what isn’t.”



<h3 class="wp-block-heading">NFTs for O’Leary’s Collectible Watches?</h3>



A major question O’Leary has is whether a non-fungible token will be treated by regulators as a security as he is looking into entering that space.&nbsp;



A collector of expensive watches, O’Leary said the watch asset class on average is up 100% year over year.



“Let’s say I have a one-of-a-kind Roger Smith or a one-of-a-kind F.P. Journe,” O’Leary told Blockworks. “&#8230;If you could get one of those watches, it could double in value in 12 months, and I have some of those watches. So why can’t I do an NFT of that dial and put it to auction? Will the regulator consider that a security or will that be a piece of art? We don’t know.”&nbsp;



<a href="https://cms.blockworks.co/ftx-launches-nft-marketplace/">FTX</a> and <a href="https://cms.blockworks.co/binance-to-debut-nft-marketplace-with-warhol-dali-thursday/'">Binance</a> have launched NFT marketplaces in recent months. NFT sales are still down about 81% from their all-time high in 2017, but are at <a href="https://cms.blockworks.co/nft-market-is-far-from-over-as-sales-hit-12-month-high/">the highest number of sales</a> in the past 12 month period. In just one week, NFT sales spiked 101.8% from 29,256 sales to 59,048, as of August 5. Additionally, sales are up 312% from the year-ago date, according to <a href="https://nonfungible.com/market/history">data</a> from NonFungible.&nbsp;



Though an NFT is not a security simply because it can increase in value, industry participants think the technological developments driven by the NFT demand could lay the groundwork for expansion into many digital property rights, according to a <a href="https://www.jdsupra.com/legalnews/nfts-but-is-it-art-or-a-security-1053589/">March whitepaper</a> by law professionals at <a href="https://www.lw.com">Latham &amp; Watkins LLP</a>.



If deemed to be a security, every sale of the token would need to be registered or exempt from registration under US securities laws, the Latham and Watkins professionals wrote, and platforms dealing in the token would be required to register as a securities exchange or alternative trading system and broker-dealer.



“When I talk about the regulator getting involved here, I want them to get involved,” O’Leary said. “So when it comes down to bitcoin, the granddaddy of all digital assets, we don’t really have [regulators] on board yet until we have an ETF, and I think all of us in the industry are waiting for that.”



Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.

Kevin O'Leary