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WonderFi’s Much Anticipated Crypto Merger with Coinsquare and Coinsmart Officially Closes

WonderFi Release | July 11, 2023

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WonderFi, Coinsquare, and Coinsmart merger officially closes

  • In a landmark deal, WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc. have merged, creating one of Canada's largest regulated crypto investing ecosystems with over 1.6 million registered users.
    • The company also holds a 43% stake in Tetra Trust Company, the first and only trust company in Canada licensed to custody digital assets.
    • The largest shareholder of the combined entity is fintech company Mogo Inc., owning approximately 14% of WonderFi's common shares.
    • With combined assets under custody exceeding $600 million, WonderFi now stands as a major player in the Canadian crypto market.
    • This transaction positions WonderFi and its subsidiaries to offer a comprehensive range of services, including retail and institutional crypto trading, staking products, B2B crypto payment processing, and soon, sports betting and gaming.
  • Regulatory advantage:
    • The consolidation comes amidst a regulatory crackdown on crypto players in Canada, leading to the exit of foreign players like Binance and FTX. Investor Kevin O’Leary views this regulatory environment as an advantage for the new entity.
  • Strategic Focus on Retail Trading and Digital Payments:
    • The newly formed entity will concentrate on consolidating two flagship retail trading platforms, Bitbuy and Coinsquare. Additionally, it plans to invest heavily in the SmartPay payment platform for digital currencies, initially launched by CoinSmart in 2020.

See:

Competition Bureau Reacts to Wonderfi’s Crypto Consolidation

Dean Skurka, WonderFi President and Interim-Chief Executive Officer:

WonderFi is emerging from this transformational transaction with a strong balance sheet that will enable us to execute on our core strategy.  In the evolving digital asset industry, WonderFi is exceptionally positioned as the owner of some of the most respected and regulated crypto trading platforms globally. With our firmly established position, WonderFi is excited for its next chapter as we integrate our 1.6 million registered users, cross-sell services across our diversified suite of products and add to our portfolio of innovative products.

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NCFA Jan 2018 resize - WonderFi's Much Anticipated Crypto Merger with Coinsquare and Coinsmart Officially ClosesThe 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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