Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
3 Canadian Crypto Firms Merge to Create Country’s Largest Regulated Trading Platform
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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