Bitbuy and Coinsquare Reach $1 Billion CAD in Assets under Management

Canadian Crypto Exchanges Surpass $1 Billion in Assets Under Management

Canadian crypto exchanges have amassed $1 billion in assets under management.

It’s time to break out the maple syrup and celebrate, because Canadian crypto exchanges Bitbuy and Coinsquare have officially crossed the $1 billion CAD mark in assets under management. That’s a whole lot of poutine!

According to an announcement by their parent company WonderFi, these two exchanges have seen a tremendous influx of clients’ cash and digital asset deposits, growing from $695 million in the third quarter to a whopping $1 billion CAD. Talk about a major growth spurt!

The success of Bitbuy and Coinsquare can be attributed to their increasing popularity among investors. In fact, the platforms experienced a combined 16% increase in monthly active users in November compared to October. It’s as if Canadians can’t get enough of crypto!

But wait, there’s more! The trading volume on these platforms also skyrocketed by 54%. It seems like Canadians are trading crypto like they trade hockey cards. Power plays and hat tricks all around!

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The story of Bitbuy and Coinsquare wouldn’t be complete without mentioning their merger with WonderFi. In July 2023, these crypto exchanges joined forces with the decentralized finance (DeFi) platform backed by none other than the iconic Canadian businessman “Mr. Wonderful” himself, Kevin O’Leary. The merger created a collective user base of 1.6 million Canadians. That’s enough people to fill a hockey arena!

Bitbuy and Coinsquare have been making waves in the Canadian crypto scene. Bitbuy became a fully regulated crypto exchange in Canada after being licensed by the Ontario Securities Commission in November 2021. And Coinsquare made history by becoming the first crypto exchange in Canada to receive broker-dealer status with the Investment Industry Regulatory Organization of Canada (IIROC) in October 2022. It’s like they’re scoring goals left and right!

It’s no wonder that WonderFi has been raking in the dough. The company brought in a combined revenue of $9.9 million CAD in Q3 2023, and they even became cash-flow positive in October. It’s like they found the golden ticket in their crypto chocolate bar!

But it’s not all fun and games in the Great White North. Canadian regulators are cracking down on crypto exchanges, forcing them to become registered or face the consequences. This has led to prominent offshore exchanges, like Binance, ByBit, and OKX, waving goodbye to Canada. It’s like they’re pulling up their stakes and heading to warmer crypto climates.

Canadian regulators also put the squeeze on unapproved stablecoins, requiring exchanges to delist them. USD Coin (USDC) managed to escape the chopping block, but stablecoins like Tether (USDT) and others were given the boot. It’s as if these stablecoins were skating on thin ice!

Well, fellow crypto enthusiasts, it’s safe to say that Bitbuy and Coinsquare are hitting it out of the park. With their impressive growth and “wonderful” backing, they are solidifying their place in the Canadian crypto landscape. And who knows what other exciting developments await us in the world of digital assets.

Stay tuned and may your crypto investments always go for the hat trick. Till next time, keep calm and hodl on!

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