Cryptocurrency exchange Coinsquare acquires BlockEQ for 12 million USD

Canada-based cryptocurrency exchange, Coinsquare has acquired BlockEQ, wallet running on Stellar, for a whopping $12 million. Coinsquare will be utilizing the technology of Stellar network to bring in new products and services.

The acquisition cost Coinsquare CAD 12 million (USD 9 million), a wallet that provides cryptocurrency users for storing Stellar Lumens(XLM) and several other tokens working on Stellar Network.

“We have enormous respect for what the BlockEQ team brings to Coinsquare.” said Cole Diamond, CEO of Coinsquare.

“They are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That combination in partnership with Coinsquare’s technology means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”

The conjunction of Coinsquare and BlockEQ will work together in launching crypto assets, including the forthcoming Coinsquare Stablecoin.

Coinsquare will utilize the technology of Stellar to bring in new products and services

Currently, Coinsquare sits at number 2nd position in terms of cryptocurrency exchange that are offering CAD trading pairs. Irrespective of trading pairs, Coinsquare ranks 73, with a daily trading volume of $7 million.

Satraj Bambra, CEO of BlockEQ, added that “We’re excited to be working under the Coinsquare umbrella,”

“They are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That combination in partnership with Coinsquare’s technology and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”

BlockEQ will have the platform as its own entity, operating as a subsidiary of Coinsquare. Coinsquare is also the fastest growing companies in Canada, as it is now expanding its business by forming cross-border collaborations with a Japanese startup called “DLTa21.” The firm also assisted in launching an exchange-traded fund(ETF) that invests in blockchain-based industry companies.

In September, Coinsquare had launched two ETFs on the Toronto Stock Exchange(TSX).