WonderFi merges with Coinsquare and CoinSmart to form regulated crypto asset platform

Canadian-based companies WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc. person announced their merger to make Canada's largest regulated crypto plus trading level with implicit 1.65 cardinal registered users. 

The recently merged institution volition connection Canadians a wide scope of diversified products and services, including retail and organization crypto trading, staking products, business-to-business crypto outgo processing, sports betting, and gaming. The newly-merged institution "will person transacted implicit $17 cardinal since 2017 and person implicit $600 cardinal successful assets nether custody," the announcement said.

The combined institution plans to diversify its gross imaginable by expanding its merchandise offerings, which are expected to entreaty to a wider scope of customers. Upon completion of the merger, the combined institution is anticipated to person astir $50 cardinal oregon much successful currency and investments and volition person nary outstanding debt.

"What we volition present with the operation of some Coinsquare and CoinSmart is simply a unsocial level wherever users volition trade, gain and wage with crypto, put successful equities, and soon, spot wagers each successful 1 compliant ecosystem," WonderFi president and interim CEO Dean Skurka shared. 

Related: New Canadian rules for crypto trading platforms permission small country for stablecoins

CoinSmart, a crypto speech founded successful 2018, was acquired by Coinsquare successful September of past twelvemonth for an undisclosed amount. The pursuing month, successful October, Coinsquare became the archetypal crypto exchange to person trader registration with the Investment Industry Regulatory Organization of Canada (IIROC). Under IIROC's regulatory purview, Coinsquare is required to study its fiscal lasting and support capable superior for liabilities. In exchange, lawsuit accounts are protected by the Canadian Investment Protection Fund successful the lawsuit of insolvency.

The Kevin O'Leary-backed WonderFi confirmed successful January that it was successful talks astir a imaginable merger with Coinsquare. At that time, WonderFi clarified that the discussions were successful the aboriginal stages and that determination was nary warrant that an statement would beryllium reached.