Canadian crypto exchange WonderFi is in preliminary merger talks with Coinsquare, it confirmed in a statement. A Bloomberg report suggesting that Wonderfi is in merger talks with Coinsquare has surfaced. If the merger is successful, Coinsquare holders may take a majority stake in the combined company, as well as on the board of the new firm.
The potential merger between WonderFi and Coinsquare would create the largest cryptocurrency exchange in Canada. Coinsquare is a cryptocurrency trading platform for trading Bitcoin, Ethereum, and other digital assets. It currently has an estimated 500,000 users and is the fourth-largest crypto exchange in Canada by volume. WonderFi, on the other hand, has an estimated 650,000 users and $258 million in assets under management. It recently acquired First Ledger Corp, the parent company of Bitbuy, for $162 million and also acquired crypto exchange Coinberry for $38 million.
The merger talks between the two firms is an exciting development for the Canadian crypto industry. If successful, the merger would bring together two of the largest crypto exchanges in Canada and create a powerhouse with significant market share. It would also give Coinsquare holders a majority stake in the combined company, as well as a say in the board of the new firm.
The news also comes at a time when the cryptocurrency industry is blooming in Canada. The country has seen a surge in the number of startups, exchanges, and investors in the cryptocurrency space, as well as a number of significant investments. In addition, the government is becoming increasingly open to the idea of cryptocurrencies and blockchain technology, with the launch of the Canada Digital Currency Action Plan in 2020.
If the merger between Coinsquare and WonderFi is successful, it could have a significant impact on the Canadian crypto industry. It would create the largest crypto exchange in Canada, giving it a sizable market share and a strong foothold in the country. It could also give Coinsquare’s holders a majority stake in the combined company, as well as a say in the board of the new firm. The merger could also lead to an increase in investments and innovation in the Canadian crypto industry, as well as more opportunities for investors and entrepreneurs.
In conclusion, the potential merger between Coinsquare and WonderFi is an exciting development for the Canadian crypto industry. If successful, it could create the largest crypto exchange in Canada and give Coinsquare’s holders a majority.
