A Canadian crypto exchange backed by one of the stars of the hit TV show Shark Tank is closing in on a merger that will create the largest crypto trading platform in Canada.
Kevin O’Leary, aka Mr. Wonderful, a long-time crypto supporter, is backing Wonderfi, a Canadian exchange that is merging with other major Canadian crypto exchanges CoinSmart Financial and Coinsquare.
Says O’Leary of the merger,
“The world has gone through trauma in crypto. And regulators all around the world now are scrutinizing rogue platforms, rogue broker exchanges, rogue dealers. The amount of investigation occurring everywhere else makes it almost uninvestable. Except for Canada.”
O’Leary says those days of “rogue” crypto exchanges are now over.
WonderFi, CoinSmart, and Coinsquare, three of the biggest 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 agreement has received approval from Canada’s Competition Bureau and is scheduled to be finalized on Monday.
WonderFi has already announced that it will discontinue the CoinSmart platform and reduce its workforce through layoffs.
According to WonderFi CEO Dean Skurka, the most effective method to progress in the current market environment is to consolidate and selectively choose the most favorable aspects of the business.
Says Skurka in the report,
“From our vantage point, the best way to move forward with current market conditions is to consolidate and cherry-pick the best aspects of the business.
Smaller exchanges are destined to either shut down or get swallowed up by companies like ours, and what we really want is for WonderFi to be Canada’s market leader.”
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Featured Image: Shutterstock/ProximaCentauri1/Natalia Siiatovskaia
