Coinsquare, the crypto sell that has been nicknamed the “Coinbase of Canada,” has acquired Stellar wallet BlockEQ as it seeks to enhance the offerings over cryptocurrency trading.
The Toronto-based Coinsquare announced the understanding on Thursday, divulgence that it had paid $12 million CAD (~$9 million USD) to acquire BlockEQ, a non-custodial wallet that allows crypto users to store XLM and other tokens that run on the Stellar network.
Coinsquare now ranks as the second-largest crypto sell that offers CAD trade pairs, trailing closely behind LakeBTC. Among all exchanges, Coinsquare ranks 73rd, with around $7 million in daily trade volume.
With this acquisition, Coinsquare gains a foothold in the Stellar ecosystem, a substructure which it skeleton to precedence to “provide new products and services using the Stellar Network.”
“We have huge honour for what the BlockEQ group brings to Coinsquare,” pronounced Cole Diamond, CEO of Coinsquare. “They are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That multiple in partnership with Coinsquare’s record and group means that we have the event to build extraordinary things for the cryptocurrency village in Canada and distant beyond.”
“We’re vehement to be operative underneath the Coinsquare umbrella,” combined Satraj Bambra, CEO of BlockEQ. “Coinsquare was the reason we primarily became meddlesome in the cryptocurrency space, so when Cole and group approached us about entrance onboard, it seemed like a healthy subsequent step.”
Coinsquare, as CCN reported, has begun to enhance internationally, combining cross-border partnerships with firms such as Japanese startup DLTa21. The organisation also helped launch an exchange-traded account (ETF) that invests in blockchain attention companies.
Previously, the crypto sell had dictated to go open on the Toronto Stock Exchange (TSX) with a $150 million CAD valuation, but the association has since put those skeleton on reason amid this year’s enlarged bear market.
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