Trio of Canadian crypto exchanges merge

The group will work together to build a “multi-asset platform” with a view to supporting sports betting and gaming.

Canadian crypto exchanges WonderFi Technologies, Coinsquare and CoinSmart Financial have joined forces to form a combined company.

The firm will offer a crypto asset trading platform providing Canadians with a variety of products and services including business-to-business crypto payment processing, retail and institutional crypto trading, staking and yield products, and fractional stock trading.

The combined group is also looking to incorporate sports betting and gaming into the business.

“The combination of these three leading Canadian brands provides a path to building a profitable, first-of-its-kind multi-asset class platform in Canada”, said Coinsquare chief executive Martin Piszel.

The combined company collectively supports a registered user base of more than 1.65 million Canadians. Since 2017, the firm will have transacted more than $17bn, holding in excess of $600m in assets under custody.

The revenue strategy for 2023 and beyond will focus on the expansion of the firm's product offerings to diversify its revenue potential and appeal to a wider range of customers, providing an all-in-one solution.

WonderFi president and interim chief executive Dean Skurka said: “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.”

Shareholder settings of each party will begin in the second quarter of 2023, with the close of transaction expected thereafter.

Following the transaction completion, the combined company will reportedly be granted access to trade on the Toronto Stock Exchange.

“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 over-the-counter trading capabilities, and Coinsquare's registered platform and product offerings”, said CoinSmart chief executive Justin Hartzman.
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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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