Coinsquare acquires Stellar’s BlockEQ wallet for $9 million
Coinsquare, the top-class cryptocurrency exchange of Canada, has acquired BlockEQ digital asset wallet operating on the Stellar network. Announced on 6th December, the acquisition of the wallet amounted $12 million CAD, that is, equivalent to $9 million. The new acquisition of the wallet’s technology will boost connectivity between the exchange users and the virtual assets. In other words, through this step of associating with the Stellar based wallet, Coinsquare plans not to remain confined just to the crypto buying and selling.
This Toronto-based trading platform is actively involved in the trading of the leading digital currencies such as Bitcoin, Ethereum and others. On the other hand, the wallet provides its users with a secured environment for trading, purchasing and holding virtual currencies.
Aim of acquisition
The Stellar network is leveraged by the wallet for moving the crypto after tokenising the digital assets. The tokens run on the network at a minimal cost with almost instant settlement. The fundamental objective for both of them is jointly releasing a bulk of crypto assets.
BlockEQ will operate as the exchange’s subsidiary since the company emphasises on the diversification of its businesses and taking the necessary measures to become a full-fledged financial institution.
Cole Diamond, the Coinsquare CEO has described BlockEQ as ‘‘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.”
However, among the recent events in Coinsquare that currently ranks as the second-largest digital currency exchange offering CAD trading pairs involves the listing of Ethereum Classic [ETC].
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