Bloomberg: Coinsquare and WonderFi in Advanced Merger Talks

Coindesk | Nelson Wang | Jan 12, 2023

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Coinsquare Ltd. and WonderFi Technologies (WNDR) are in advanced talks to merge and become Canada’s largest crypto exchange, according to a report from Bloomberg, citing people familiar with the matter.

  • Shares of the Kevin O’Leary-backed WonderFi were halted on the Toronto Stock Exchange following the release of the news on Thursday afternoon. WonderFi's shares closed up 29% to 31 cents.
  • The potential deal comes just days after Coinsquare terminated a previous agreement to acquire Coinsmart Financial, another crypto exchange based in Canada, according to Coinsmart.

See:  Want Institutional Adoption? You Have to Sacrifice Tornado Cash, says Kevin O’Leary

  • The terms of the potential Coinsquare-WonderFi merger were not known, although one potential scenario involved Coinsquare shareholders taking a majority stake in the combined company, one of Bloomberg’s sources said.
  • WonderFi said in November it had about 650,000 users and $258 million in assets under management, while the privately-held Coinsquare said it had about 500,000, according to Bloomberg.

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