Coinsquare and Bitbuy Lead the Crypto Charge in Canada

Coinsquare and Bitbuy, two well-known platforms that have together secured over $1 billion in client cash and cryptocurrency under custody, are rising to prominence in Canada’s cryptocurrency environment. This news coincides with WonderFi’s announcement in November 2023 of significant expansion. WonderFi is the parent business managing these subsidiaries.

WonderFi just released a press release revealing that Coinsquare and Bitbuy had a noteworthy 16% surge in November over the prior month. Additionally, the platforms recorded a remarkable 54% increase in total trading volume in November, which was higher than the third quarter’s average monthly total trading volume.

Dean Skurka, President and CEO of WonderFi, expressed optimism about the crypto industry’s trajectory, emphasizing the encouraging growth in clients’ assets under custody. The total value of clients’ assets under custody surged by more than $300 million in November 2023 compared to the third quarter of the same year.

WonderFi’s Evolution and Merger Milestone

When WonderFi combined with Coinsquare and CoinSmart in April 2023, its trajectory in the cryptocurrency world underwent a dramatic shift. The goal of this calculated action was to establish the biggest regulated cryptocurrency asset trading platform in Canada, with more than 1.6 million registered customers. Together with securing WonderFi’s place in the market, the merger established Coinsquare and Bitbuy as major forces in the Canadian cryptocurrency sector.

The Ontario Securities Commission recently released a research that provides insight into the attitudes of Canadian investors, despite the fact that cryptocurrency platforms are growing significantly. Over 75% of those surveyed said they regret investing in cryptocurrencies. Even while more Canadians now know the fundamentals of cryptocurrencies, only 34% think they will play a “key role in the future,” down from 49% in 2022.

Nevertheless, there is a bright side: according to 39% of respondents, their cryptocurrency portfolios are profitable in comparison to their initial investment. These portfolios’ average value has increased significantly, rising from $52,975 in 2022 to an astounding $82,998 in 2023.

The dynamics of the cryptocurrency market are changing, offering investors in Canada’s Great White North both chances and problems, as Coinsquare and Bitbuy lead the way.