The companies WonderFi, Coinsquare and CoinSmart have finalised the deal, resulting in the formation of a Bitcoin exchange with 1.65 million users and assets of around $600 million, Betakit reports.
The intention of the organisations to create Canada’s largest regulated crypto platform became known in April 2023.
It is expected that Coinsquare shareholders will own 43% of the merged entity, WonderFi’s shareholders 38%, and CoinSmart’s shareholders 19%. The company’s securities will be listed on the TSX under the ticker WNDR.
The conglomerate will own the Bitbuy, Coinberry, Coinsquare, CoinSmart, SmartPay, CBIX, Bitcoin.ca and the not-yet-launched BetLegend. All three companies will unite under the name Coinsquare.
In April, in an interview with The Globe and Mail, interim WonderFi CEO Din Skurka said that in the coming months the firm intends to wind down the CoinSmart platform and \”carefully decide\” which parts of the business it will keep and which it will drop.
News of negotiations between WonderFi and Coinsquare were disclosed in early 2023. At that time, the parties had only begun discussing a potential deal.
Earlier in July 2022, WonderFiacquired the Canadian cryptocurrency exchange Coinberry.
In September Coinsquareannounced the purchase of CoinSmart. However in January 2023 the latter announced the termination of the deal. In April the disagreements were resolved.