Coinsquare and Bitbuy at the centre of our focus on crypto trading: WonderFi president
With WonderFi’s merger with Canadian cryptocurrency exchanges Coinsquare and CoinSmart now closed, its interim CEO is hinting at big changes within the platforms, including changes to staffing.
The three-way deal was first announced in April and officially finalized on Monday at the Toronto Stock Exchange. The merger effectively combines $600 million in assets across 1.65 million users under the same company, which WonderFi calls “Canada’s largest regulated crypto asset trading platform.”
Dean Skurka, president and interim CEO of WonderFi, hinted in an interview with BNN Bloomberg that merging the three companies could result in some staffing reductions.
“We anticipate synergies that will naturally take effect across the various platforms,” he said. “Certainly there is overlap within the crypto trading segment and we’re going to take a close look at that. In this market environment that we’re currently in, profitability is focus number one for us and that will drive a lot of our decision making in the early days.”
The synergies won’t just be among the staff either, Skurka added, suggesting that a lot of the best features from each trading platforms could eventually be part of all of them.
“Some of the core components of these platforms starting to be shared across the various platforms that we currently own and operate,” he said. “What we can expect to see is the level of service and the level of products offered to our clients on the various platforms to continue to increase.”
The crypto industry in Canada is in a challenging time, as the country cracks down on the sector.
Skurka believes that his company has the scale to weather the regulatory challenges as competitors leave the market.
“We’re committed to the long term with this industry and growing in the right way,” he said.