Wonderfi merged with coinsquare to create the largest crypto exchange in Canada (report)

Wonderfi merged with coinsquare to create the largest crypto exchange in Canada (report)

Wonderfi Technologies-A technology company that offers access to decentralized financing (Defi)-has reportedly thought about a merger agreement with the Coinsquare trading platform.

The aim would be to establish the largest cryptocurrency exchange in Canada.

A deal on the horizont

As reports Bloomberg, the two parties are in advanced merger talks. However, Wonderfi made no further comments and added that the discussions could not guarantee the cooperation:

"These conversations are provisional in nature and last, and there is no assurance that an agreement or agreements are achieved or that the conditions of a transaction are agreed or that a transaction is completed.

The company does not intend to make further comments unless or until an agreement has been made and a transaction is known. ”

assumed, the two organizations are handing their hands, they could set up Canada's largest cryptocurrency platform. The potential trading center would have over 1.15 million customers, since Wonderfi has around 650,000 users and coinsquare 500,000.

The exact conditions of the deal are still unclear. Nevertheless, a scenario provides that the stakeholders from Coinsquare receive a majority stake in the combined organization and check more seats on the board.

Wonderfi-financially supported by the popular TV personality Kevin O’Leary-experienced a price increase in his stocks shortly after the rumors appeared. WNDR is currently being traded at around $ 0.23, an increase of almost 30 % compared to yesterday

Coinsquare was The first Canadian crypto company that became a member of the Investment Industry Regulatory Organization of Canada (iiroc) in October last year. Registration forced the company to separate customer assets using a licensed custodian bank and to hold more capital. In addition, the Canadian Investment Protection Funds ensure that the cash accounts on the trading accounts of the customers are secure.

Coinsquare was near his competitor Coinsmart Financial, bringing two from Canada's crypto giants under one roof. The company finally withdrew its intentions after it had taken into account the "unacceptable costs and risks" associated with the deal.

Acquisitions of Wonderfi

The company supported by O’Leary strengthened its presence in April last year by shopping The cryptocurrency exchange based in Toronto-Bitbuy Technology -for about $ 163 million.

Wonderfi doubled a week later, spaserver-spaces = "true"> buy the platform coinberry for about 30 million US dollar. The latter had over 150 employees and 750,000 customers.

"We definitely prepare for going on the global stage from head to toe. But remember that we do this in contrast to these other players on a regulated basis. We work 100 percent as part of the order and do not take any risk," said O’Leary at the time.

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