Why Did WonderFi Technologies Inc (OTCMKTS:WONDF) Stock Soar 28% On Monday?

One of the more important news that emerged on Monday was that of the announcement from WonderFi Technologies Inc (OTCMKTS:WONDF) and CoinSmart Financial Inc that the two had gone into a business combination agreement for combining its businesses.

Trading Data

On Monday, WONDF stock soared 27.93% to $0.1478 with 2.31 million shares, compared to volume of 267.27K shares. The stock moved within a range of $0.1180 – 0.1728 after opening trade at $0.1265.

WonderFi, Coinsquare and CoinSmart to Combine to Create Canada’s Largest Regulated Crypto Asset Trading Platform with 1.65 Million Registered Users

It was a major new announcement considering the fact that the new entity that will emerge would be one of the biggest crypto asset trading platforms worldwide. That makes the transaction an important one since it could emerge as a massively influential entity in the ever growing world of cryptocurrencies. The platform would also offer people in Canada with a large number of diversified products and services which would include both institutional and retail crypto trading.

If the total transacted amount between the two companies is combined from as far back as 2017 then the value would come to $17 billion. The combined valuation of the assets for the two companies at this point is $600 million. The registered user base when combined would be a staggering 1.65 million in Canada. At this point in time, it would be interesting to see if the WonderFi Technologies stock comes on to the radars of investors or not.