According to Bloomberg, Coinsquare Ltd. and WonderFi Technologies are negotiating a merger and transformation into the largest crypto exchange in the country. The official announcement of the merger may be announced from day to day. After the news of the merger was published, the value of WonderFi shares increased by 29%, and their sale was suspended on the Toronto Stock Exchange.
Rumors of a potential deal emerged just a few days after Coinsquare terminated a previous agreement to acquire another Canadian crypto exchange, Coinsmart Financial.
The financial terms of the merger of Coinsquare and WonderFi are unknown, but it is assumed that the shareholders of Coinsquare will receive a controlling stake in the combined company. Representatives of the mentioned crypto exchanges refrain from commenting on merger issues.
At the end of 2022, the owners of WonderFi announced an indicator of 650 thousand users and $258 million of assets under management. At the same time, Coinsquare called the indicator 500 thousand registered users.
In October, Coinsquare became the first crypto company to become a full member of the Investment Industry Regulatory Organization of Canada (IIROC).