Coinsquare and Bitbuy: Dominant Crypto Platforms in Canada
Coinsquare and Bitbuy have emerged as the leading crypto platforms in Canada, jointly holding over $1 billion in client funds and cryptocurrencies.
Increase in Trading Volume and Client Assets
According to a press release by WonderFi on December 6, 2023, both Coinsquare and Bitbuy experienced a 16% increase in November 2023 compared to the previous month. Additionally, the total trading volume on these platforms witnessed a significant surge of 54% in November compared to the average monthly volume in Q3.
Encouraging Growth in Assets under Custody
The President and CEO of WonderFi, Dean Skurka, expressed optimism about the industry’s progress. He revealed that the total value of clients’ assets under custody increased by more than $300 million in November 2023 compared to Q3.
Merge of WonderFi, Coinsquare, and CoinSmart
In April 2023, WonderFi joined forces with Coinsquare and CoinSmart to establish Canada’s largest regulated crypto asset trading platform. This merger resulted in an impressive user base of over 1.6 million registered users.
Crypto Investor Sentiment in Canada
Despite some skepticism surrounding cryptocurrencies, a report from the Ontario Securities Commission indicated that 39% of respondents reported profitability in their crypto portfolios compared to their initial investments. The average value of these portfolios has also witnessed substantial growth from $52,975 in 2022 to $82,998 in 2023.
Hot Take: Crypto Market Flourishes in Canada
The growing dominance of Coinsquare and Bitbuy highlights the thriving crypto market in Canada. With substantial increases in trading volume and client assets, these platforms have cemented their positions as the go-to choices for Canadian crypto investors. Additionally, the merger of WonderFi, Coinsquare, and CoinSmart showcases the industry’s consolidation and potential for further growth. While some Canadians express regret over their crypto investments, a significant number continue to enjoy profitability and see the long-term value of cryptocurrencies. This demonstrates the evolving nature of the market and the opportunities it presents for savvy investors.
By
By
By
By
By