The deal will boost BlockEQ’s own technology and help Coinsquare and its users connect with cryptocurrencies.
Coinsquare, the leading cryptocurrency platform in Canada, announced on Thursday (December 6) that it has officially acquired BlockEQ in a C$12 million deal.
BlockEQ, a cryptocurrency wallet on the Stellar network, will boost its own technology in assisting Coinsquare and its customers “connect further with the world of cryptocurrencies.”
The release claims that the BlockEQ wallet allows its users to buy, trade and retain crypto assets securely.
The wallet further enables crypto assets to be tokenized so they can be moved onto the Stellar network at “a fraction of the cost of moving any other assets in the world, with near instant settlement.”
“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,” Cole Diamond, CEO of Coinsquare, said in the release.
Under Coinsquare, BlockEQ will remain its own unit while operating as a Coinsquare subsidiary. Together, Coinsquare and BlockEQ will put the wheels in motion to launch crypto assets, including the upcoming Coinsquare Stable Coin.
“We’re excited to be working under the Coinsquare umbrella,” Satraj Bambra, CEO of BlockEQ, said in the release. “Coinsquare was the reason we initially became interested in the cryptocurrency space.”
In a blog post the BlockEQ team said it has “a number of people and organizations” it would like to thank for helping it “reach this point.”
The post thanked The Working Group and “another angel investor” as reasons BlockEQ was able to spend time developing its platform, which started over nine months ago. Since then, the wallet has been downloaded in over 70 countries.
“The Stellar Development Foundation and Inter/stellar teams have been incredibly supportive of our platform,” the blog post reads. “We are excited to continue working with them on growing the Stellar ecosystem.”
Coinsquare is a top cryptocurrency trading platform for trading bitcoin, ethereum and a wide range of other cryptocurrencies. The platform prides itself on being completely safe, having “never lost a single coin.”
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.