A Canadian crypto exchange, backed by one of the stars of the hit TV show Shark Tank, is approaching a merger that will create the largest crypto trading platform in Canada.
Kevin O’Leary, aka Mr. Wonderful, a longtime crypto supporter, is backing Wonderfi, a Canadian exchange that is merging with other major Canadian crypto exchanges CoinSmart Financial and Coinsquare.
Say O’Leary of the merger,
“The world has been through a trauma in crypto. And regulators around the world are now investigating rogue platforms, rogue broker exchanges, rogue dealers. The amount of research going on everywhere else makes it almost uninvestable. Except Canada.”
O’Leary says those days of “rogue” crypto exchanges are now over.
WonderFi, CoinSmart and Coinsquare, three of the largest Canadian cryptocurrency trading platforms, are planning to merge to create the largest cryptocurrency trading platform in the country.
According to a report from The Globe and Mail, the deal has received approval from Canada’s Competition Bureau and is expected to close on Monday.
WonderFi has already announced that it will discontinue the CoinSmart platform and reduce headcount through layoffs.
According to Dean Skurka, CEO of WonderFi, the most effective method to progress in the current market environment is to consolidate and selectively choose the most favorable aspects of the business.
Skurka says in the report,
“From our point of view, the best way to move forward in the current market conditions is to consolidate and select the best aspects of the business.
Smaller exchanges are destined to either close or be swallowed up by companies like ours, and what we really want is for WonderFi to become the Canadian market leader.”
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Featured image: Shutterstock/ProximaCentauri1/Natalia Siiatovskaia