Canadian cryptocurrency firms, including WonderFi, Coinsquare, and CoinSmart, have come together to create one of the world’s most prominent digital asset trading platforms.
The companies’ joint statement revealed that the merger would consolidate about 2 million customers under a single brand, with over $600 million in assets managed by the new company.
The businesses involved in the merger intend to compete with well-established digital industry giants like Binance and Coinbase.
WonderFi President, Dean Skurka, expressed confidence in the merger’s success, saying, “The combined company has the potential to become the market leader in Canada, with a clear path to profitability and sufficient funds for expansion.”
The merger began as a consolidation project between Coinsquare and CoinSmart, announced in September 2022.
At that time, the Coinsquare exchange intended to acquire CoinSmart, a Canadian broker of digital assets, using cash and shares.
The project finally took shape in January when Canadian crypto exchange WonderFi joined the talks.
Meanwhile, the Canadian government has introduced changes to the country’s draft budget for 2023, requiring federally regulated pension funds to disclose information about their digital asset investments to the Office of the Governor of Financial Institutions (OSFI).