Three Canadian crypto firms are merging to create the world’s leading crypto trading platform.
According to the press release, WonderFi Technologies Inc., Canadian crypto exchange Coinsquare, and CoinSmart Financial Inc. have joined hands under a business combination agreement to develop the largest Canada-based regulated cryptocurrency trading platform in the world.
The three combined companies have a registered Canadian user base of $1.65 million and hold over $600 million in digital assets under custody. The focus of these newly integrated firms is to provide a broad spectrum of diverse products and services to Canadians. Coinsquare head Martin Piezel stressed that this latest merged firm will bring more security, scalability and regulation to the trading platform, giving it a chance to compete with unregulated crypto exchanges around the world.
WonderFi President Dean Skurka expressed that the combination of these 3 leading Canadian brands provides a path to building a profitable, first-of-its-kind multi-asset class platform in Canada. WonderFi shareholders will own 38% of the Combined Company, Coinsquare shareholders 43%, and CoinSmart shareholders 19%, once the transaction is completed post the shareholder meeting of each party in the second quarter of 2023.
Following the merger announcement, Kevin O’Leary-backed crypto firm WonderFi stock price soared 25% on April 3 to a reported 20 Canadian cents.
Compiled by Coinbold
