Three Canadian cryptocurrency exchanges announced that they will merge.
After the announcement of Canadian stock markets, its shares rose sharply. 3 exchanges will provide services to their customers by using infrastructure partnerships.
3 Canadian Cryptocurrency Exchanges Rise After Announcing Their Merger
Canadian crypto exchanges WonderFi, Coinsquare and CoinSmart have announced their plans to merge, creating one of the largest crypto trading platforms in the world.
Among them, the three firms have 1.65 million users and more than $600 million in custodial assets, according to an announcement made today.
Shares of WonderFi rose after the announcement, currently up 43.75 percent at 23 Canadian cents in early trading. Making this announcement, Kevin O’Leary is a strategic investor at WonderFi.
The merger comes as a confirmation of separate plans between the three firms in recent months. In January, it was reported that WonderFi and Coinsquare were in further talks to merge. This comes just days after Coinsquare terminated a previous agreement to acquire CoinSmart.
WonderFi President Dean Skurka made a statement about the exchanges as a combined company:
“We believe they have the scale to become the market leader in Canada, a strong balance sheet to allow for expansion, and a clear path to profitability.”
