Canadian premier cryptocurrency trading platform Coinsquare recently announced that it has acquired BlockEQ, which is currently the leading crypto wallet on the Stellar network.
According to the announcement, which was made today, Coinsquare acquired the digital asset for $12 million CAD, and will be leveraging its technology to help Coinsquare connect better not just with the cryptocurrency space, but its entire growing community in general.
Per Cole Diamond, which operates as the chief executive officer for Coinsquare, “We have enormous respect for what the BlockEQ team brings to 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 and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”
Following the announcement, Coinsquare hopes to further develop its own crypto-space in Canada, a country well-known for being open and forward-thinking in regards to its tech industry.
Behind BlockEQ
Co-founded by Jonathan Lister, Megha Bambra, and Satraj Bambra, BlockEQ is a cryptocurrency wallet that lets its users to trade, buy, and of course, hold cryptocurrencies in a more secure manner. The wallet does this by allowing the users to move on the Stellar network at a much cheaper cost with near instant settlement. While doing this, the wallet also automatically allows for the tokenization of your crypto assets at the same time. This innovative technology easily allows for increased user acquisition and control, as well as the ability to take part in the ever-growing and developing cryptocurrency world.
Through the partnership/acquisition, BlockEQ and Coinsquare will be working towards creating a high number of new crypto assets together, as well as the upcoming Coinsquare stable coin.
“We’re excited to be working under the Coinsquare umbrella,” said BlockEQ CEO Satraj Bambra. According to the CEO, Coinsquare was the initial reason they got interested in the cryptocurrency space, which eventually led to the development of the wallet. As a result, Bambra said that working along with Coinsquare just makes sense as the next natural step for them.
Even with the acquisition, BlockEQ will remain as its own entity, although it will now be operating as Coinsquare’s subsidiary, which is in line with its goal to continually diversify its current business lines, as well as become a more 21st-century institution.
Coinsquare
First founded in 2014, Coinsquare is one of Canada’s top cryptocurrency trading platform for trading digital coins like Ethereum and Bitcoin. The company has reportedly never lost a coin since its initial foundation.
Focused on growing into a multi-faceted financial services company leveraging blockchain technology, the company recently announced the launch of Coincapital, which is the company’s own portfolio and investment fund management division. Gaining a 92 percent employee growth from July 2017 to June 2018, Coincapital was then recognized by Linked-in as the fastest-growing startup listed on the Top Canadian Startup list.