Mr. Greg Feller reports
MOGO ANNOUNCES THAT COINSQUARE, WONDERFI AND COINSMART COMPLETE BUSINESS COMBINATION
Coinsquare Ltd., in which Mogo Inc. had a 34-per-cent ownership stake, WonderFi Technologies Inc. and CoinSmart Financial Inc. have closed their previously announced business combination transaction.
This transaction positions the resulting entity, WonderFi, and its registered operating subsidiaries, as one of the largest regulated crypto investing ecosystems in Canada offering Canadians a wide range of diversified products and services, including both retail and institutional crypto trading, staking products, business-to-business crypto payment processing, and digital asset custody, and will also soon include sports betting and gaming. The combined company has transacted over $17-billion since 2017 and has more than $600-million in assets under custody, with a registered user base in excess of 1.6 million Canadians. Mogo is the largest shareholder of the combined company, owning approximately 14 per cent.
For more information, please refer to the joint
issued by the parties.
"We congratulate the companies on completing this milestone transaction, creating a unique investment opportunity with the leading crypto exchange in Canada," said Greg Feller, president and chief financial officer. "Mogo shareholders move forward with meaningful ownership in a public company with the only fully regulated crypto exchange, as well as scale and diversification that we believe positions them well to benefit from long-term growth trends in the industry and to build value for shareholders over time."
Mogo, one of Canada's leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. Mogo's trade app, MogoTrade, offers commission-free stock trading that helps users make a positive impact with every investment and together with Moka, Mogo's wholly owned subsidiary bringing automated, fully managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform. Mogo also offers digital loans and mortgages. Through Mogo's wholly owned subsidiary, Carta Worldwide, it also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe and Canada.
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