Canadian crypto exchange Coinsquare acquires StellarX
StellarX, the fully decentralized exchange app built on Stellar protocol, was acquired by the Canadian crypto exchange Coinsquare. StellarX will continue to operate under its own brand name according to a Coinsquare blog. Coinsquare did not mention the cost of acquisition.
Coinsquare acquired BlockEQ, a Stellar wallet in December. The wallet will now be rebranded and will become the anchor wallet for StellarX app. Megha Bambra co-founder of BlockEQ will now lead StellarX operations. The app will continue to be upgraded according to its product roadmap planned out by Stellar.
“We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key. Stellar is the fastest payment network in the world and we see enormous potential to create industry-leading services on StellarX to further broader adoption,” said Coinsquare CEO Cole Diamond.
The acquisition seeks to add fiat tethers and new security tokens to the platform. The blog also confirms that the StellarX team will move to the Stellar Development Foundation [SDF].
StellarX is a fully decentralized app running on the Stellar protocol. It offers trading services for a wide variety of cryptocurrencies and fiat currencies. Users have the sole custody of their funds. StellarX has no access to user’s funds or their private keys. StellarX app engages in peer to peer trading.
Trading on the app is completely free due to lower network fees. StellarX is the first complete client of Stellar. StellarX is designed to reveal every asset possible, every order book, every trade. The new partnership with Coinsquare would bring some regulatory clarity to the app as well as increase its cryptocurrency and fiat portfolio.
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