A trio of regulated Canadian cryptocurrency exchanges have decided to join forces in a landmark deal for Canada’s crypto sector.

WonderFi, Coinsquare, and CoinSmart Financial announced today that the three companies reached an agreement to combine and create what they claim will be “Canada’s largest regulated crypto asset trading platform.” Collectively, Vancouver-based WonderFi, and Toronto’s Coinsquare and CoinSmart have over $600 million in assets under custody and more than 1.65 million users.

This three-company combination deal comes months after Coinsquare backed out of its agreement to acquire CoinSmart amid reported talks about a merger with WonderFi. CoinSmart eventually accepted Coinsquare’s move, but announced its intention to seek monetary damages in court. Today’s deal appears to mark an end to this saga.

As part of the deal, WonderFi will issue about 270 million common shares to Coinsquare investors, and approximately 119 million common shares to CoinSmart’s shareholders.

Once complete, Coinsquare shareholders will own 43 percent of the combined firm, WonderFi shareholders will own 38 percent, and CoinSmart shareholders 19 percent.

This business combination remains subject to shareholder, regulatory, and court approvals.

Developing…

The post WonderFi, Coinsquare, CoinSmart to merge as Canada’s crypto industry consolidates first appeared on BetaKit.