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Coinsquare, the encrypted exchange that has been dubbed "Coinbase of Canada", has acquired the Stellar BlockEQ portfolio in an attempt to expand its offers beyond criptovalute trading.
Toronto-based Coinsquare announced on Thursday, revealing that it paid $ 12 million CAD (~ $ 9 million USD) to acquire BlockEQ, an unguarded portfolio that allows crypto users to store XLMs and other tokens that run on the Stellar network.
Coinsquare currently ranks as the second largest cryptographic exchange offering CAD trading pairs, closely followed by LakeBTC. Of all the exchanges, Coinsquare is in 73rd place, with about 7 million dollars in the daily trading volume.
With this acquisition, Coinsquare takes possession of the Stellar ecosystem, a foundation that intends to exploit to "provide new products and services using the Stellar network".
"We have tremendous respect for what the BlockEQ team brings to Coinsquare," said Cole Diamond, Coinsquare CEO. "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 ".
"We are thrilled to work under the umbrella of Coinsquare," added Satraj Bambra, CEO of BlockEQ. "Coinsquare was the reason that initially we were interested in the cryptocurrency space, so when Cole and the team approached us for coming on board, it seemed like a natural next step".
Coinsquare, as reported by CCN, has begun to expand internationally, forming cross-border partnerships with companies such as the DLTa21 Japanese startup. The company also helped launch a traded exchange fund (ETF) that invests in companies in the blockchain sector.
Previously, the cryptographic exchange had plans to become public on the Toronto Stock Exchange (TSX) with a CAD valuation of $ 150 million, but since then the company has put these plans on hold during the prolonged bearish market this year .
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