Coinsquare, WonderFi in talks to form largest crypto exchange in Canada: BNN Bloomberg
Quick Take
- Coinsquare and WonderFi are in advanced merger talks, BNN Bloomberg reported.
- Though the deal may still not go through, a successful merger would make the new company the largest crypto exchange in Canada.
Two of Canada's largest exchanges, Coinsquare and WonderFi, are in advanced merger talks, BNN Bloomberg reported, citing sources.
If the deal goes through, the merged company would become the biggest crypto exchange in Canada with about 1.15 million users. An announcement could be made in the coming days, although it's not certain the deal will be completed, BNN Bloomberg said.
The terms and potential value weren't clear, but one possibility would see Coinsquare shareholders take a majority stake in the merged business.
Coinsquare had been planning to acquire crypto trading platform CoinSmart but shelved the plans this month. One source with knowledge of the discussions with WonderFi told BNN Bloomberg that Coinsquare's regulatory status with Canada's Investment Industry Regulatory Organization could help it play a role in consolidating distressed crypto firms in the country.
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