Canadian cryptocurrency exchanges Coinsquare, WonderFi and CoinSmart have confirmed plans to merge their businesses to become one of the world's largest crypto trading platforms.
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According to a press release published on Tuesday, the united platform will have over 1.6 million users with $600 million in crypto under custody. Once the deal is closed, WonderFi shareholders will get around 38% of the combined company, while Coinsquare and CoinSmart will have 43% and 19% respectively. The deal is expected to be closed in Q2-Q3, 2023.
Coinsquare planned to acquire CoinSmart for $3 million in cash in addition to 5.2 million in shares, valued at over $26 million. Under the agreement, CoinSmart would have had approximately 12% ownership in Coinsquare on a pro-forma basis. However, for unknown reasons the deal has been canceled.
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