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- The merged entity will serve approximately 1.65 million users in Canada.
- A rise in revenue is anticipated as a result of expanding its product line.
One of the most comprehensive cryptocurrency trading platforms in the world may soon be a joint venture of three Canadian cryptocurrency exchanges: WonderFi, Coinsquare, and CoinSmart. The newest crypto news pertaining to the merger is that the three companies will serve 1.65 million consumers and have over $600 million in assets in custody.
The merged entity will serve approximately 1.65 million retail, institutional, and B2B customers in Canada and anticipates a rise in revenue in 2023 and beyond as a result of expanding its product line.
Lucrative Multi-Asset Class Platform
Trading in cryptocurrencies at the retail and institutional levels, handling cryptocurrency payments on a worldwide scale, iGaming and sports betting, staking and yield products, and trading in fractional shares of stock are all possible services.
A broader audience would be targeted by advertising the breadth of products as “an all-in-one solution,” as stated in the formal release.
Coinsquare CEO Martin Piszel stated:
“This combination will create a safe, secure, scalable and regulated trading platform that can compete with the unregulated global exchanges still operating in Canada. “
Together, they pave the way for establishing a novel, very lucrative multi-asset class platform. There were rumors of a merger between WonderFi and Coinsquare back in January. This development follows Coinsquare’s abrupt cancellation of their agreement to buy CoinSmart only a few days ago.
Moreover, in October 2022, Coinsquare, a Toronto-based digital asset exchange, became the first such platform in Canada to register as an investment dealer and earn affiliation with the Canadian regulatory organization.
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