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

Bloomberg | Holly McKenzie-Sutter | April 3, 2023

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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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NCFA Jan 2018 resize - 3 Canadian Crypto Firms Merge to Create Country's Largest Regulated Trading PlatformThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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