Coinsquare, a Canada-based cryptocurrency trading platform has recently announced the acquisition of a cryptocurrency wallet on the Stellar network—BlockEQ.
BlockEQ Acquired for $12 million CAD
According to a recent report, the exchange bought the wallet for a whopping sum of $12 million CAD. Through the purchase of the wallet, Coinsquire plans to offer more services to its users and also increase its global audience.
Cole Diamond, CEO of Coinsquare has also issued some statement regarding this latest development.
He stated that:
“We have enormous respect for what the BlockEQ team brings to Coinsquare,” He continued by saying some positive things about the BlockEQ team here: “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.”
About BlockEQ
BlockEQ is designed to allow its users to buy, trade, and hold cryptocurrencies securely and it was co-founded by Jonathan Lister, Megha Bambra and Satraj Bambra. According to the press release, “the wallet allows for the tokenization of crypto assets in order to allow them to move on the Stellar network, at a fraction of the cost of moving any other assets in the world, with a near instant settlement.”
With this acquisition, BlockEQ’s innovative technology will help with increasing user acquisition and overall activities on the exchange. The press release also made it clear that “Coinsquare and BlockEQ will be working towards launching a huge number of crypto assets together”. Importantly, the Coinsquare Stable Coin.
BlockEQ Will Remain its Own Entity
Satraj Bambra, CEO of BlockEQ also made some comments regarding the latest development. He stated that:
“We’re excited to be working under the Coinsquare umbrella. Coinsquare was the reason we initially became interested in the cryptocurrency space, so when Cole and team approached us about coming onboard, it seemed like a natural next step.”
Coinsquare also made it known that “BlockEQ will remain its own entity, operating as a subsidiary of Coinsquare“. The exchange hopes to keep on diversifying its business lines.
