The Canadian Wellfield Technologies, Inc. announced that it had signed a definitive agreement, dated March 24, 2022, to acquire the Israeli New Bit Ventures Ltd d/b/a Coinmama (PC42 profile). Wellfield is a technology company focused on Decentralized Finance (DeFi).
Founded in 2013, Israel-based Coinmama has achieved outstanding growth with sales of US$130 million in 2021 by building a global platform for millions of buyers and sellers of digital currencies using everyday payment methods.
Coinmama currently has more than 3.5 million registered users, each of which has undergone regulatory verification and transacted on the platform.
Pursuant to the definitive agreement and subject to customary closing adjustments, Wellfield will acquire Coinmama in exchange for US$3,000,000 payable in cash and the issuance of 22,988,467 common shares in the capital of Wellfield. Upon closing the transaction, Coinmama will become a wholly owned subsidiary of Wellfield.
Former shareholders of Coinmama will hold approximately 19% of the issued and outstanding common shares of Wellfield.