WonderFi Joins Forces with Coinsquare and CoinSmart to Create Canada’s Biggest and Most Secure Crypto Trading Platform
The post WonderFi Joins Forces with Coinsquare and CoinSmart to Create Canada’s Biggest and Most Secure Crypto Trading Platform appeared first on Coinpedia Fintech News
Canada’s crypto trading platforms are set to face ‘enhanced’ rules under new regulations as the country’s financial regulators seek to increase oversight and address concerns over money laundering and fraud. While the new regulations may be seen as a burden by some in the crypto industry, many firms are taking steps to comply with the new rules and are forming secured and regulated crypto platforms. In recent news, WonderFi, a leading digital asset platform, has merged with Coinsquare and CoinSmart to create Canada’s largest regulated crypto trading platform. This marks a significant milestone in the Canadian cryptocurrency landscape, as the merger brings together three of the most trusted and secure platforms in the industry.
Canada Gets Its Largest Crypto Trading Platform
WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc., all Canadian-based companies, have announced their merger to create the largest regulated crypto asset trading platform in Canada.
With over 1.65 million registered users, the new entity will offer Canadians a comprehensive range of products and services. These include retail and institutional crypto trading, staking products, business-to-business crypto payment processing, sports betting, and gaming. The newly-merged company has transacted over $17 billion since 2017 and has over $600 million in assets under custody.
After the merger, the combined company aims to broaden its revenue potential by expanding its product offerings, which are expected to attract a wider range of customers. The newly formed company is projected to have at least $50 million in cash and investments, with no outstanding debt.
Crypto Firms to Follow Canada’s Strict Crypto Rules
In September of last year, Coinsquare acquired CoinSmart, a cryptocurrency exchange established in 2018, for an undisclosed sum. Just a month later, in October, Coinsquare became the first crypto exchange to receive dealer registration from the Investment Industry Regulatory Organization of Canada (IIROC). As a result of IIROC’s regulatory requirements, Coinsquare must report its financial position and maintain sufficient capital for liabilities. In exchange, customer accounts are safeguarded by the Canadian Investment Protection Fund in case of insolvency.
WonderFi president and interim CEO Dean Skurka said,
“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.”
The merger of WonderFi, Coinsquare, and CoinSmart is a significant development for the Canadian cryptocurrency industry. It brings together the expertise, experience, and resources of three leading players in the market, creating a platform that is both secure and innovative. The new platform is expected to set a new standard for crypto trading in Canada and provide investors with an unparalleled trading experience.
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
