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Cryptocurrency purchase and exchange platform Coinsquare has announced the acquisition of BlockEQ, the starting point of the Toronto-based digital portfolio, to expand its reach in the digital currency world.
The acquisition was closed for $ 12 million CAD and allows Coinsquare to take advantage of BlockEQ's access to the open source network and the Stellar cryptocurrency.
"We have tremendous respect for what the BlockEQ team brings to Coinsquare," said Cole Diamond, Coinsquare CEO in a press release. "They are one of the best technology teams in Canada and the product they built is extremely valuable, and this combination in collaboration with the Coinsquare technology and team means we have the opportunity to build extraordinary things for the cryptocurrency community in Canada. and far beyond ".
Today we announced the acquisition of #crypto wallet @block_eq! https://t.co/RHgxuNuQDa pic.twitter.com/DoEIgc5PBm
– Coinsquare (@Coinsquare) 6 December 2018
BlockEQ boasts of a 21st century financial institution and a secure private portfolio for cryptocurrency via the Stellar network. Stellar is a decentralized and open source payment network for digital currency transfers that allows cross-border transactions between two different currencies, such as EUR in CAD. He has collaborated with major companies including IBM and Deloitte.
BlockEQ was co-founded in 2017 by Jonathan Lister, Megha Bambra and Satraj Bambra. "It allows the tokenization of cryptographic resources to allow them to move on the Stellar network, at a fraction of the cost of moving any other resource in the world," according to the statement.
Coinsquare states that BlockEQ will remain its own entity but will cooperate to launch "a huge number" of cryptographic resources, including an important Coinsquare stable currency, which is a cryptocurrency designed to minimize the effect of price volatility.
Coinsquare, born in Toronto, founded in 2014, is a digital platform that boasts an easy, fast and secure way to buy and exchange cryptocurrency, including Bitcoin, Etheruem and other digital currencies. Its online and mobile apps allow users to trade between two different cryptocurrencies.
Coinsquare was also named by LinkedIn as one of the best Canadian startups in 2018. At the start of this year, it also announced a new Coincapital asset management business, focused on offering investment in emerging technologies such as blockchain, artificial intelligence and cryptography.
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