Business
WonderFi, Coinsquare and CoinSmart to Combine to Create Canada's Largest Regulated Crypto Asset Trading Platform with 1.65 Million Registered Users
Toronto, Ontario--(Newsfile Corp. - April 3, 2023) - WonderFi Technologies Inc. (TSX: WNDR) ...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi, Coinsquare and CoinSmart to Combine to Create Canada's Largest Regulated Crypto Asset Trading Platform with 1.65 Million Registered UsersToronto, Ontario--(Newsfile Corp. - April 3, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (\"WonderFi\"), Coinsquare Ltd. (\"Coinsquare\") and CoinSmart Financial Inc. (NEO: SMRT) (FSE: IR) (\"CoinSmart\") today announced that they have entered into a business combination agreement (the \"Business Combination Agreement\") to combine their respective businesses (the \"Transaction\"). The combined company (the \"Combined Company\") will offer one of the largest regulated crypto asset trading platforms in the world and will 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 will also soon include sports betting and gaming. The Combined Company will have transacted over $17 billion since 2017 and have over $600 million in assets under custody, with a registered user base in excess of 1.65 million Canadians.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.\"At the heart of all great innovation is a consumer that is driven to adopt new technology to improve their personal or professional lives. WonderFi has always been dedicated to bringing the best and most relevant products for our users to market. What we will deliver with the combination of both Coinsquare and CoinSmart is a unique platform where users will trade, earn and pay with crypto, invest in equities, and soon, place wagers all in one compliant ecosystem,\" said WonderFi President and Interim CEO, Dean Skurka. \"With this combination, we 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.\" In October 2022, Coinsquare became the first Canadian crypto trading platform to register as an investment dealer and achieve membership with the Investment Industry Regulatory Organization of Canada (\"IIROC\"), now the New Self-Regulatory Organization of Canada (\"New SRO\"). \"We are extremely proud of all the effort and dedication that'...