WonderFi, the password exchange encouraged by password investor and billionaire Aaron Oakley, confirmed that it had held basic talks with Canada's password exchange Coinsquare about a possible merger.

In an announcement on Jan. 12, WonderFi responded to a report by Bloomberg News that the two exchanges were in "deep merger talks" to "create a Canadian data encryption boss."

WonderFi responded that the discussion was general at the moment, adding that it could not guarantee that a consensus would be reached.

"in response to media speculation, our company acknowledges that it has conducted basic discussions with third parties on potential acquisitions and acquired enterprises, which is consistent with previous practices and our company's overall acquisition strategy."

"this kind of discussion is general and ongoing, and there is no guarantee that all agreements will be reached, that there will be agreement on the terms of the deal, and that there will be no guarantee that the fair will take place," the company said.

WonderFi is a company headquartered in Los Angeles, Canada, the password Exchange.

Coinsquare is also a password exchange operating in Canada, with its head office in Toronto. Although Coinsquare does not disclose the property of its management methods, it is estimated that there are 500000 customers on his software, according to a Bloomberg news article on Jan. 12.

The potential merger of the two companies could allow the merged entity line to serve 1.15 million customers, making it the largest exchange in Canada.

Shares in WonderFi, one of Canada's rare offering exchanges, have risen nearly 30 per cent in the past 24 hours after public speculation about the merger.

News of the possible merger of the two exchanges came shortly after Coinsquare stopped its agreement to buy all outstanding share capital of CoinSmart, a Canadian cryptographic exchange, and CoinSmart announced on September 22nd that the deal would give them more than $3 million in cash and more than $26 million in Coinsquare shares as payments.

WonderFi also had a busy year in 2022, announcing on January 4th that he would buy the head company of the Canadian password exchange BitBuy for $162 million, and then buy the password exchange Coinberry for $38 million on April 18, continuing to expand in Canada.

Since then, these acquisitions have long been agreed.

In an interview at the time, Oakley mentioned that there would also be "large or larger" acquisitions in the future.

It most recently acquired BlockChain Foundry, a North American blockchain developer, on September 1, 2022, and the latter recently launched an irreplaceable technical (NFT) forging platform and sales market, as well as an Web3 online learning platform.