Canadian Crypto Trading Platforms WonderFi, Coinsquare and CoinSmart Sign Merger Agreement

Canadian crypto trading platforms WonderFi (WNDR), Coinsquare and CoinSmart announced they have entered into a business combination agreement to combine their respective trading businesses to provide Canadians with retail and institutional crypto trading, staking products, B2B crypto with a regulated crypto asset trading platform Products and services such as payment processing and, soon, sports-related products and services. According to the announcement, the transaction volume of the three platforms exceeds US$17 billion, the custody assets exceed US$600 million, and the number of registered users exceeds 1.65 million Canadians. As for deal details, WonderFi will issue approximately 270 million common shares to Coinsquare shareholders and approximately 120 million common shares to CoinSmart shareholders. Upon completion of the transaction, WonderFi shareholders will own approximately 38 percent of the combined company, Coinsquare shareholders will own approximately 43 percent, and CoinSmart shareholders will own approximately 19 percent of the combined company. Completion of the transaction is subject to regulatory and court approvals and other customary closing conditions.