Business
WonderFi, Coinsquare and CoinSmart Announce Closing of Business Combination
Historic transaction establishes WonderFi as one of the largest regulated crypto investing ecosys...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi, Coinsquare and CoinSmart Announce Closing of Business CombinationHistoric transaction establishes WonderFi as one of the largest regulated crypto investing ecosystems in Canada with over 1.6 million registered usersToronto, Ontario--(Newsfile Corp. - July 10, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (\"WonderFi\"), Coinsquare Ltd. (\"Coinsquare\") and CoinSmart Financial Inc. (\"CoinSmart\") are pleased to announce that WonderFi, Coinsquare and CoinSmart, further to their news releases dated April 3, 2023, June 20, 2023 and June 27, 2023, have closed their business combination transaction (the \"Transaction\") pursuant to the business combination agreement dated April 2, 2023 (the \"Business Combination Agreement\"), positioning the resulting entity, WonderFi Technologies Inc., and its registered operating subsidiaries, to offer one of the largest registered crypto asset trading ecosystems in Canada and to provide Canadians with a wide range of diversified products and services including both retail and institutional crypto trading, staking products, B2B crypto payment processing and soon also sports betting and gaming. This news release constitutes a \"designated news release\" for the purposes of WonderFi's prospectus supplement dated December 23, 2022 to its short form base shelf prospectus dated September 7, 2022.Key Transaction BenefitsWith a collective user base of over 1.6 million registered Canadians and combined assets under custody exceeding $600 million, WonderFi boasts one of the largest communities of crypto investors within a single regulated ecosystem in Canada.WonderFi now holds a 43% ownership stake in Tetra Trust Company, Canada's first and only trust company licensed to custody digital assets.WonderFi's new crypto payment solution, SmartPay, is its answer to the burgeoning crypto payment landscape.\"WonderFi is emerging from this transformational transaction with a strong balance sheet that will enable us to execute on our core strategy,\" shared WonderFi President and Interim-Chief Executive Officer, Dean Skurka. \"In the evolving digital asset industry, WonderFi is exceptionally positioned as the owner of some of the most respected and regulated crypto trading platforms globally. With our firmly established position, WonderFi is excited for its next chapter as we ...