3 Canadian Crypto Firms Merge to Create Country’s Largest Regulated Trading Platform

Bloomberg | Holly McKenzie-Sutter | April 3, 2023

Image: Pexels/Thought Catalog

Three Canadian crypto companies are combining to create the country’s largest regulated crypto asset trading platform, and executives said the merger will give them a new edge for business success in an industry that’s been roiled by regulatory concerns.

• Three Canadian crypto companies, WonderFi, Coinsquare, and CoinSmart, have announced their merger to create the country’s largest regulated crypto asset trading platform.
  • Of the combined company, WonderFi shareholders will own 38 per cent, Coinsquare shareholders will own 43 per cent and CoinSmart shareholders will own 19 per cent on a partially diluted basis.
• The combined company aims to provide a regulated, safe environment for users, with over 1.65 million registered Canadian users and $600 million in combined assets under custody.

See:

Bloomberg: Coinsquare and WonderFi in Advanced Merger Talks

Competition Bureau Reacts to Wonderfi’s Crypto Consolidation

• The merger comes amidst increasing regulatory scrutiny in the crypto industry, with the collapse of Bahamas-based FTX Trading Ltd. and its founder facing financial crimes charges in the U.S.
• The executives of the merging companies believe that the increased regulatory costs will lead to more consolidation and acquisition opportunities in the sector, and that their merger represents a path to profitability in a challenging environment.

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