A Canadian cryptocurrency exchange, supported by one of the stars of the popular TV program Shark Tank, is approaching a merger that will create the largest crypto trading platform in Canada.
New Crypto Exchange!
Long-time crypto supporter Kevin O’Leary is backing the Canadian exchange Wonderfi, which is merging with other major Canadian crypto exchanges CoinSmart Financial and Coinsquare. O’Leary commented on the merger as follows:
“The world has experienced a trauma in crypto. And regulators around the world are now looking at fraudulent platforms, fraudulent broker exchanges, fraudulent dealers. The amount of investigation occurring elsewhere makes it almost uninvestable.”
Famous star Kevin O’Leary stated that the days of malevolent crypto exchanges are over. Three of Canada’s largest crypto trading platforms, WonderFi, CoinSmart, and Coinsquare, plan to merge to create the largest crypto trading platform in the country.
“Necessity in Market Conditions!”
According to The Globe and Mail’s news, the deal was approved by the Canadian Competition Bureau and is planned to be completed on Monday. WonderFi announced that it would shut down the CoinSmart platform and reduce its workforce through layoffs. According to WonderFi CEO Dean Skurka, the most effective way to progress in the current market environment is to consolidate and select the most suitable aspects of the business. Skurka commented on the subject as follows:
“From our perspective, the best way to move forward in the current market conditions is to consolidate and meticulously select the best aspects of the business. Smaller exchanges will be either closed down or swallowed up by companies like ours, and what we really want is for WonderFi to be the market leader in Canada.”
On the other hand, Binance, the leading cryptocurrency exchange in terms of volume, had gone through a troublesome process due to a lawsuit filed by the United States Securities and Exchange Commission.
