Canada: Coinsquare, CoinSmart, WonderFi to Combine to Launch Regulated Crypto Trading Platform

WonderFi Technologies Inc. Coinsquare Ltd. and CoinSmart Financial Inc. announced that they have entered into a business combination agreement “to combine their respective businesses.”

The combined company will aim to “offer one of the largest regulated crypto asset trading platforms in the world and will provide Canadians with a wide range of diversified products and services including both retail and institutional crypto trading, staking products, B2B crypto payment processing and will also soon include sports betting and gaming.”

The combined company will “have transacted over $17 billion since 2017 and have over $600 million in assets under custody, with a registered user base in excess of 1.65 million Canadians.”

WonderFi President and Interim CEO, Dean Skurka said:

“At the heart of all great innovation is a consumer that is driven to adopt new technology to improve their personal or professional lives. WonderFi has always been dedicated to bringing the best and most relevant products for our users to market. What we will deliver with the combination of both Coinsquare and CoinSmart is a unique platform where users will trade, earn and pay with crypto, invest in equities, and soon, place wagers all in one compliant ecosystem. With this combination, we have the scale to be the market leader in Canada, a strong balance sheet that will allow for expansion, and a clear path to profitability.”

In October 2022, Coinsquare reportedly became “the first Canadian crypto trading platform to register as an investment dealer and achieve membership with the Investment Industry Regulatory Organization of Canada (IIROC), now the New Self-Regulatory Organization of Canada (New SRO).”

Martin Piszel, CEO of Coinsquare, said:

“We are extremely proud of all the effort and dedication that’s gone into getting us to this point. This combination will create a safe, secure, scalable and regulated trading platform that can compete with the unregulated global exchanges still operating in Canada. Canadian investors want to know that their platform has longevity, their funds are safe and secure, and they can access innovative crypto products. The combination of these 3 leading Canadian brands provides a path to building a profitable, first-of-its-kind multi-asset class platform in Canada.”

CoinSmart CEO Justin Hartzman said:

“We view this combination as a significant and thrilling achievement for all three firms, bringing together Bitbuy’s brand and technology, our global crypto payments solution SmartPay, international OTC capabilities, and Coinsquare’s IIROC registered platform and product offerings. Our combined executive team will help transform not only how the three businesses operate, but how the industry itself evolves around its incredibly valuable users. Modern wealth generation will be our mantra; profitability will be our corporate calling.”

The combined company’s revenue growth strategy “for 2023 and beyond is expected to involve expanding its product offerings to diversify its revenue potential from the more than 1.65 million Canadian retail, institutional, and B2B clients in its ecosystem.”

For more details, check here.

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