Coinsquare and Bitbuy have apparently become two dominant crypto platforms in Canada, with more than $1 billion in customer cash and cryptocurrency combined in custody.
In a press release dated December 6, 2023, WonderFi said its subsidiaries, Coinsquare and Bitbuy, saw a combined 16% increase in November 2023 compared to October 2023. Both platforms also recorded a 54% increase in the total trading volume during November. compared to the “average monthly total trading volume in the third quarter,” the report said.
Dean Skurka, president and CEO of WonderFi, says the company is encouraged by “improving industry conditions” as the total number of customer assets in custody increased in November 2023 by more than 300 million dollars compared to the third quarter of 2023.
In January 2023, crypto.news reported that WonderFi had around 650,000 clients and $258 million in funds under control as of November 2022, while Coinsquare, which was not acquired at the time, reported that it had around 500,000 users.
A few months later, in April 2023, WonderFi, Coinsquare and CoinSmart announced their merger to create Canada’s largest regulated crypto asset trading platform with over 1.6 million registered users.
Meanwhile, a report from the Ontario Securities Commission indicates that more than 75% of respondents regret investing in cryptocurrencies. While the number of Canadians able to provide a basic definition of cryptocurrency has increased from 51% in 2022 to 54% in 2023, only 34% of them now believe that cryptocurrency will play a “key role in the future,” compared with 49% in 2022.
However, despite the pessimism, 39% of respondents said their cryptocurrency portfolio was profitable compared to the initial investment, which is only slightly lower than in 2022 (46%). And the average value of said portfolio has increased dramatically from $52,975 in 2022 to $82,998 in 2023.
