Cointelegraph quotes WonderFi as saying that the procedures are still at a “preliminary” stage.
According to Cointelegraph, millionaire cryptocurrency investor and WonderFi supporter Kevin O’Leary has started discussions with Canadian cryptocurrency exchange Coinsquare about a possible merger.
WonderFi reportedly said that the procedures are still in a “preliminary” stage. It’s possible that the conversation even indicated how dubious the prospects for a deal are.
In response to rumors in the media, the company recognizes that it has had early negotiations with a number of third parties about both future acquisitions and the company being purchased. This is consistent with prior practice and the company’s overall acquisition strategy. There can be no promise that any agreements will be made, that the terms of a deal will be agreed upon, or that a transaction will be finalized because these negotiations are preliminary in nature and continuing, according to WonderFi.
According to data from Cointelegraph, a merger between the two exchanges may result in a platform with 1.15 million members, making it the biggest Canadian cryptocurrency exchange. According to reports, WonderFi’s stock price rose by over 30% on the prior day following news of a merger. The information was released after CoinSmart and Coinsquare’s agreement to acquire all of the outstanding shares of a Canadian cryptocurrency exchange’s subsidiary was terminated. On January 4, 2023, WonderFi announced its intention to acquire the parent company of Canadian cryptocurrency exchange Bitbuy for a sum of $162 million.
Additionally, O’Leary stated in an interview that “many more and much bigger” purchases will be coming, according to Cointelegraph. WonderFi finalized the acquisition of North American blockchain development company Blockchain Foundry on September 1, 2022.
