CoinFi Announces Merger, ETH Upgrade May Turn Bearish, Changes Crypto Landscape



One of the guarantees that come with any new technology is the fact that it always evolves. We have seen it throughout history but none have come more rapidly than the advancements in the DeFi and Fintech industries. These advancements do not come solely from its software, but also from its decisions to expand its horizons to offer new and improved products or services.

Recently, Canadian crypto giant CoinFi announced that they undergo a merger with two other keystone companies, Coinsquare and Coinsmart. Ethereum plans to implement its new Shapella Upgrade which investors believe will initiate another bull run for the blockchain giant whereas aims to revolutionize the crypto buying landscape.

Canadian Trio Merge Into Crypto Colossal

Three Canadian crypto giants WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc. have announced their plans to merge their operations into what will be the largest crypto asset trading platform in Canada.

With this merger, WonderFi will allocate around 269 million shares to Coinsquare shareholders and about 119 million shares to CoinSmart’s shareholders. In doing so, WonderFi shareholders will own 38% of the combined company, while Coinsquare and CoinSmart shareholders will own 43% and 19%, respectively.

In addition, CoinSmart shareholders will also have an entitlement to earn an additional $15 million over three years, based on the performance of CoinSmart’s Smartpay.

Under their joined custody, the Combined Company will have over $600 million in assets and a registered user base of over 1.65 million Canadians. In addition, the company is expected to have a total of over $50 million in cash and investment upon closing the deal.

Shapella May Invite Bears To Ethereum

Ethereum is known for its intense innovation and can be considered an evolutionary blockchain. Previously, the most significant upgrade was the Ethereum Merge which transitioned the blockchain from Proof-of-work to Proof-of-Stake.

Whilst this was a necessary advancement to reduce their impact on the environment and provide users with better experiences, users still could not withdraw their stakes. The Shanghai/Shapella Upgrade will be responsible for allowing users to unlock their staking rewards, and these payments will automatically be sent to the addresses provided by each validator.

It is suggested that the upgrade will lead to a sale of around 1.3 million ETH which is valued at around $2.4 billion. Investors speculate that this upgrade may put downward pressure on the value of the coin if rapid withdrawals occur.

Conversely, some believe that the sale will not affect the price of Ethereum. It is suggested that the 1.3 million ETH is only about 20% of the daily average trading volume and the sale of this will not impact the market. In addition, withdrawing staked ether will take a few days, therefore spreading out the selling pressure and will help prevent a sharp price drop. Brings Care-free Signup

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Evolution is essential in the sustainability and survival of cryptocurrency and fintech establishments. Through activities like mergers and acquisitions, upgrades, and other technological advancements, these industries create a secure future for themselves and their clients.

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