The Biggest Canadian Crypto Exchanges WonderFi (WNDR), Coinsquare, and CoinSmart have revealed plans to merge, creating what would be one of the world’s largest crypto trading platforms.

The three companies have long been competitive forces in the Canadian crypto market, but they now believe that by joining forces they can create an even stronger network. The three firms have 1.65 million users and more than $600 million in assets under custody, according to an announcement on Monday.

WNDR shares have surged following the announcement, currently up 43.75% at 23 Canadian cents in early trading. Kevin O’Leary is a strategic investor in WonderFi. WNDR is a blockchain venture backed by O’Leary, while Coinsmart and Coinsmart are two of the leading crypto exchanges in Canada.

According to the terms of the merger would be the affirmation of separate plans among the three firms in recent months. In January, it was reported that WonderFi and Coinsquare were in advanced talks to combine. This came only days after Coinsquare terminated a previous agreement to acquire CoinSmart.

As one combined company, the exchanges believe they “have the scale to be the market leader in Canada, a strong balance sheet that will allow for expansion, and a clear path to profitability,” WonderFi President Dean Skurka said.

The merger of The Biggest Canadian Crypto Exchanges will create a platform with more liquidity, better customer service and improved security. It also gives the companies a larger footprint in the global cryptocurrency market. Bitcoin continues to be the most actively traded asset on all three exchanges, making up more than 90% of their combined trading volumes.

Dylan Walker
Dylan Walker

I have been a writer for 7 years, focusing on topics related to the Economy and Finance. My interest in blockchain technology started out as a hobby that is now a full-time gig. I have worked with different blockchain and meta startups. My portfolio interests are NFTs and P2P assets.