Three Canadian crypto exchanges, WonderFi, Coinsquare, and CoinSmart, have announced that they plan to merge to create a leading crypto exchange.

 

Three Canadian crypto exchanges, WonderFi, Coinsquare, and CoinSmart, have announced that they plan to merge to create a leading crypto exchange.  Following the announcement, WonderFi's shares increased by over 43% in value. WonderFi President Dean Skurka said the merger would allow the exchanges to scale their business as a market leader in Canada, have a strong balance sheet supporting growth, and form a clear route to profitability. WonderFi, Coinsquare, and CoinSmart have 1.65 million users together.  The exchanges also manage over $600M of assets under custody.  The move aims to create a single crypto exchange that would dominate the Canadian market by combining the powers of three platforms. In January, Coinsquare canceled an agreement to buy CoinSmart. Shortly after CoinSquare's termination, a report claimed that WonderFi and Coinsquare were in advanced discussions to merge.