These Three Major Crypto Exchanges Are Merging Into One To Create A Binance Rival?
Crypto News: Canadian cryptocurrency exchanges WonderFi, Coinsquare, and CoinSmart have announced their intention to join forces, which would result in the creation of one of the most wide-ranging crypto trading platforms in the world. According to the latest crypto news surrounding the merger, the three firms have a combined total of 1.65 million customers and more than $600 million in asset holding that are currently being held in custody.
Leading Crypto Exchanges To Merge
With over 1.65 million Canadian retail, institutional, and B2B clients in its ecosystem, the “Combined Company” expects to increase its revenue in 2023 and beyond by diversifying its product offerings. These offerings will likely include retail and institutional crypto trading, global crypto payment processing, iGaming and sports betting, staking and yield products, and fractional stock trading.
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According to the official announcement, the diversity in product offerings would be marketed to a wider range of customers and provide them “with an all-in-one solution.” Martin Piszel, CEO of Coinsquare, was quoted as saying:
This combination will create a safe, secure, scalable and regulated trading platform that can compete with the unregulated global exchanges still operating in Canada. The combination provides a path to building a profitable, first-of-its-kind multi-asset class platform.
Coinsquare & WonderFi Merger Plans
Back in January WonderFi and Coinsquare were reportedly in talks to merge their two companies. This comes just a few days after Coinsquare pulled out of an earlier arrangement to acquire CoinSmart. The Toronto-based Coinsquare exchange became the first Canadian digital asset platform to register as an investment dealer and acquire membership with the Canadian regulatory body in October 2022.
In light of this crypto news, the Kevin O’Leary-backed WonderFi, saw its stock price surge by almost 20% and is currently exchanging hands at $0.14 during the course of writing.
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