Merger of Wonderfi, CoinSmart and Coinsquare to Create Largest Crypto Platform in Canada
• Kevin O’Leary’s backed Canadian crypto exchange Wonderfi is merging with other major Canadian crypto exchanges CoinSmart Financial and Coinsquare.
• The agreement has received approval from Canada’s Competition Bureau and is scheduled to be finalized on Monday.
• Upon completion of the merger, WonderFi will become the largest cryptocurrency trading platform in the country.
Shark Tank Star Backs Merger
Kevin O’Leary, known as Mr. Wonderful from the hit TV show Shark Tank, is backing Wonderfi, a Canadian exchange that is merging with other major Canadian crypto exchanges CoinSmart Financial and Coinsquare. O’Leary says these days of “rogue” crypto exchanges are now over and that this merger will create the largest crypto trading platform in Canada.
Competition Bureau Approves Merger
The agreement between Wonderfi, CoinSmart Financial and Coinsquare has been approved by Canada’s Competition Bureau and is set to be finalized on Monday. After completion of the merger, WonderFi will become the largest cryptocurrency trading platform in the country.
CoinSmart Platform To Be Discontinued
As part of this merger process, WonderFi has already announced that it will discontinue its CoinSmart platform and reduce its workforce through layoffs. According to WonderFi CEO Dean Skurka, consolidating resources is one of the best ways to move forward with current market conditions.
Canadian Crypto Market Now Investable
O’Leary believes that these changes make it easy for investors to access a safe and regulated environment for their cryptocurrency investments in Canada – something that was lacking before this merger took place: “The world has gone through trauma in crypto…Except for Canada.“