representative work

WonderFi, Coinsquare & CoinSmart Complete Business Combination Agreement Creating Canada’s Largest Regulated Crypto Asset Trading Platform


On July 10, 2023, WonderFi Technologies Inc., Coinsquare Ltd. and CoinSmart Financial Inc. completed a business combination agreement, positioning the resulting entity, WonderFi, and its registered operating subsidiaries, to offer one of the largest registered crypto asset trading ecosystems in Canada and to provide a wide range of diversified products and services including both retail and institutional crypto trading, staking products, B2B crypto payment processing and soon also sports betting and gaming.

Pursuant to the business combination, WonderFi issued 270,920,353 common shares to Coinsquare’s former shareholders and 117,924,334 common shares to CoinSmart’s former shareholders. Upon completion of the transaction, existing WonderFi shareholders now own approximately 38% of WonderFi, former Coinsquare shareholders own approximately 43% of WonderFi, and former CoinSmart shareholders own approximately 19% of WonderFi.

Cassels acted for WonderFi on the business combination. Under a separate engagement, Cassels acted as British Columbia litigation counsel to Coinsquare and CoinSmart.