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Friday, January 27, 2023

WonderFi Could Merge With Coinsquare In 2023

If WonderFi and Coinsquare join, a new cryptocurrency exchange with more than 1 million users would be created.

A business called WonderFi Technologies offers access to decentralized financing (DeFi). It is said to have been considering a merger deal with the trading platform Coinsquare. The Investment Industry Regulatory Organization of Canada oversees Coinsquare, a Canadian cryptocurrency exchange. Data loss occurred at Coinsquare in November 2022. The two businesses hope to create Canada’s biggest bitcoin exchange through the combination.

WonderFi And Coinsquare Merger 

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In a story, Bloomberg noted that WonderFi and Coinsquare had advanced merger discussions. It emphasized that the conversations do not ensure a partnership while delaying any further statements: 

If the merger takes place, the combined company will serve more than 1.5 million customers as it has roughly 650k users for WonderFi and 500k for Coinsquare. It should be noted that the agreement’s precise details are unknown.

In contrast, Coinsquare shareholders can end up with a sizable portion of the newly established company and even more board seats. In addition, immediately after merger rumors started to circulate, WonderFi (WONDF) observed an increase in the price of its shares. Over the weekend, the stock price increased 5.91% to settle at $0.2301.

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Kevin O’Leary, a multibillionaire investor, is WonderFi’s financial backer. By spending around $163 million to acquire the Toronto-based cryptocurrency exchange Bitbuy Technologies in April of last year, it expanded its market reach. A week later, it spent about $30 million to acquire Coinberry, another Canada-based digital asset trading platform. In October 2022, Coinsquare will become the first cryptocurrency company established in Canada to join the Investment Industry Regulatory Organization of Canada (IIROC). The registration compelled the cryptocurrency company to use a qualified custodian to segregate client funds and have additional money on hand.

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