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WonderFi Technologies, a technology company that provides access to decentralized finance (DeFi), is reportedly considering a merger deal with trading platform Coinsquare.
The goal is to establish the largest cryptocurrency exchange in Canada.
trading on the horizon
The two companies are in high-level merger talks, as Bloomberg reported. However, WonderFi declined to comment further, adding that the discussion does not guarantee collaboration.
“These discussions are tentative in nature and are ongoing, and we cannot guarantee that any agreement will be reached, the terms of the transaction will be agreed, or that the transaction will be completed.
We will have no further comment until a deal is signed and we have a transaction to announce. ”
Assuming two organizations shake hands, they can set up Canada’s largest cryptocurrency platform. WonderFi has about 650,000 users and Coinsquare has 500,000 users, so he has over 1.15 million customers in potential trading venues.
The exact terms of the deal remain unknown. Nonetheless, one scenario would see Coinsquare stakeholders acquire a majority stake in the combined organization and control more board seats.
WonderFi, which is financially backed by popular TV personality Kevin O’Leary, saw its share price rise shortly after the rumors surfaced. % is skyrocketing.
coin square is It is the first Canadian crypto company to become a member of the Investment and Industry Regulatory Organization (IIROC) of Canada last October. Registration forced the firm to segregate client assets through licensed custodians and keep more capital on hand. guaranteed cash.
Close to coin square acquisition Its rival CoinSmart Financial recently put two Canadian cryptocurrency giants under the same roof. The company ultimately withdrew its intentions after considering the “unacceptable costs and risks” involved in the transaction.
Acquisition of WonderFi
The O’Leary-backed entity stepped up its presence last April. purchase Bitbuy Technologies, a Toronto-based cryptocurrency exchange, traded for around $163 million.
WonderFi has doubled in a week. buy Bought the platform Coinberry for about $30 million. In the latter he has more than 150 employees and her 750,000 customers.
“We are definitely poised to keep pace on the world stage. We operate 100% to order and therefore do not take risks,” O’Leary said at the time.
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