Market Analysis Report (04 Apr 2023)

Three Canadian cryptocurrency trading platforms – WonderFi, Coinsquare, and CoinSmart – have revealed they are planning to merge, in a move that would create one of the world’s largest crypto trading platforms.

The three cryptocurrency exchanges have, between them, 1.65 million users and more than $600 million in assets under custody. Shares of WonderFi (WNDR) surged following the announcement in early trading.

The merger represents the confirmation of distinct strategies pursued by the three companies over the past few months. Back in January, there were reports of ongoing negotiations between WonderFi and Coinsquare with regards to a potential merger, shortly after Coinsquare had called off a previous deal to acquire CoinSmart.

WonderFi’s President, Dean Skurka, said the merged entity aims to establish itself as the leading exchange in Canada by leveraging its increased size, strong financial position, and a clear path to profitability.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/apr/04/