While crypto exchanges have been facing the US Securities and Exchange Commission (SEC) for a long time, some crypto exchanges have announced that they will meet on the common ground to join forces! The news came from leading Canadian cryptocurrency exchange WonderFi, CoinSquare and CoinSmart. Allegedly, these three cryptocurrency exchanges will merge! So, could it be a move to bring down Binance? Here are the details…
These three major Canadian cryptocurrency exchanges are joining forces!
The cryptocurrency market has been under pressure from regulators for a long time. While the first two of the exchanges that feel this most deeply are Coinbase and Binance, some crypto exchanges are allegedly taking steps towards unification. WonderFi Technologies, Coinsquare and CoinSmart Financial announced that they have merged to create Canada’s largest regulated crypto-asset trading platform with over 1.65 million registered users. While Canadian cryptocurrency exchange WonderFi, CoinSquare and CoinSmart joined forces to beat Binance, according to many experts, many investors want to know what went on behind this decision.
On the other hand, these three cryptocurrency exchanges have a total of 1.65 million users. The total assets of these customers exceed 600 million dollars. The assets of 600 million dollars, which are kept in custody on the stock market, will be under the management of 3 companies with the merger. According to the statements made, the “Combined Company”, which has more than 1.65 million Canadian individual investors in its ecosystem, aims to increase its income in 2023 and beyond by diversifying its product offerings.
Exchange CEOs explained the advantages that the new company will offer
This ‘Combined Company’ will offer its investors many transactions such as retail and institutional crypto transactions, global crypto payment transactions, iGaming and sports betting, staking transactions and yield products. According to the official announcement, the diversity in product offerings will be marketed to a wider range of customers, providing them with an “all-in-one solution.” However, the following words of Coinsquare CEO Martin Piszel drew attention:
The combination between these three cryptocurrency exchanges will create a safe, secure, scalable and regulated trading platform that can compete with the unregulated global exchanges currently operating in Canada. This combination paves the way for creating a profitable and first-of-its-kind multi-asset class platform.
On the other hand, WonderFi CEO Dean Skurka stated that this newly created combination of exchanges will grow with a great development, and said:
What we will offer with the combination of both Coinsquare and CoinSmart will be a unique platform where users will trade, earn and pay with crypto, invest in stocks and soon bet all in one cohesive ecosystem.
CoinSquare and WonderFi have been in talks for a long time
cryptocoin.com As we previously reported, it was reported in January that WonderFi and Coinsquare were in talks to merge the two companies. This comes just days after Coinsquare withdrew from an earlier arrangement to acquire CoinSmart. Toronto-based Coinsquare exchange became the first Canadian digital asset platform to register as an investment seller and gain membership with the Canadian regulatory agency in October 2022. On the other hand, in light of this news, WonderFi, backed by billionaire investor Kevin O’Leary, saw its stock price increase by almost 20 percent and is currently trading at $0.20.
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