• Kevin O’Leary-backed Wonderfi is merging with CoinSmart and Coinsquare to create the largest crypto trading platform in Canada.
• The merger has received approval from the Canadian Competition Bureau and is set to be finalized on Monday.
• WonderFi CEO Dean Skurka believes that consolidation of exchanges is necessary for the current market environment.
Kevin O’Leary’s Crypto Platform Merger
The Canadian crypto exchange Wonderfi, backed by one of the stars of Shark Tank, Kevin O’Leary (aka Mr. Wonderful), is closing in on a merger that will create the largest crypto trading platform in Canada. With approval from the Canadian Competition Bureau, the agreement will be finalized on Monday.
Benefits of Merger
The three major Canadian cryptocurrency trading platforms; WonderFi, CoinSmart and Coinsquare are planning to merge to take advantage of market conditions. According to WonderFi CEO Dean Skurka, consolidating exchanges is necessary for optimal growth within this environment. He believes that smaller exchanges will either shut down or get swallowed up by larger companies like theirs, making them Canada’s leading exchange platform.
Impact on Layoffs
With this merger comes layoffs as part of their plan moving forward. After it becomes official, WonderFi will discontinue its CoinSmart platform which could lead to job losses for some employees who worked at the company prior to its acquisition by Coinsquare in 2021.
Crypto Scrutiny Worldwide
O’Leary recognizes that regulators around the world are now scrutinizing rogue platforms and rogue dealers when it comes to cryptocurrency investments because of past trauma related to crypto investing . He believes that Canada has become a much safer place for these types of investments since then due to heightened regulation and oversight over these markets throughout North America and Europe alike .