CoinSmart’s Daily Active Users Jump 651% YoY in Q3

Retail trading volume also jumped substantially in the third quarter.

View Details

Another Crypto Exchange Is Going Public

This time it’s upstart Canadian exchange Coinsmart.  Congrats to our partner @CoinSmart on listing on the Neo exchange in Canada! The company will start trading tomorrow. Ticker: $SMRT https://t.co/0q776kXRYX — greenfinance ???? (@_greenfinance) November 1, 2021 Canadian crypto exchange CoinSmart announced that it will commence trading on the Canadian NEO exchange today at 9:30am. Shares […]

The post Another Crypto Exchange Is Going Public appeared first on CryptosRus.

View Details

Canadian WonderFi, Coinsquare, and Coinsmart Merge

Three cryptocurrency exchanges based in Canada, WonderFi, CoinSmart, and Coinsquare, have reportedly completed a merger deal. The combined entity plans to invest in SmartPay, a digital asset payments platform launched by Coinsmart in 2020.

WonderFi is a public company listed on the Toronto Stock Exchange. The company operates several brands, including Coinsquare and Coinsmart. Coinsquare is a crypto marketplace that allows users to trade and manage their financial assets, while Coinsmart provides digital asset services for institutional investors.

The new entity resulting from the business combination will reportedly focus on consolidating Bitbuy and Coinsquare, according to Binu Koshy, a spokesperson of the companies quoted by the Financial Post.

Coinsmart Payment Platform

Coinsmart launched SmartPay, a platform that allows users to pay and receive payments using cryptocurrencies, in 2020. According to the information on its website, SmartPay has transacted more than $500 million since it was created. The platform is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

According to the statement issued by the parties involved in the business combination, the entities affiliated with WonderFi have transacted more than $17 billion since 2017, have more than $600 million worth of assets under custody, and more than 1.5 million users in Canada.

Commenting on the business combination, Kevin O'Leary, WonderFi's strategic partner, said: "This is a major advantage as unregistered international exchanges can no longer serve the Canadian market without adhering to the local regulations."

"Now more than ever, investors are actively seeking trading platforms that operate in harmony with the regulators," O'Leary added.

Defying Regulatory Challenges

The business combination arrives at a time smaller crypto trading platforms are filling the gap left by the larger companies leaving Canada due to regulatory challenges. Finance Magnates reported in May that Binance was exiting Canada due to the challenging policies by the market regulator in the region.

Following the collapse of the cryptocurrency exchange FTX, the Canadian Securities Administrators issued a notice that classified stablecoins as securities. The move restricted the services of the companies issuing digital assets in the region. Additionally, the regulators issued a directive that all the cryptocurrency exchanges in the region should be registered.

View Details