Canadian crypto exchange Coinsquare acquires StellarX

Canadian cryptocurrency exchange Coinsquare has announced the acquisition of StellarX, a full-featured trading app for Stellar’s universal marketplace.

The announcement follows Coinsquare’s acquisition of BlockEQ, a crypto wallet on the Stellar network, in December 2018. Coinsquare said that BlockEQ will be rebranded to become the anchor wallet for the StellarX platform.

“We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key”, said Cole Diamond, CEO of Coinsquare. “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”.

Founded in 2018, StellarX operates as a true decentralized exchange, meaning users retain sole custody of their funds, trades are executed against other users, and StellarX has no access to funds.

“We don’t hold anyone’s assets or secret keys, and we don’t maintain order books or have our own trading system. We’re a browser for the open marketplace that the Stellar network independently maintains and exposes to the public,” StellarX explains.

With this acquisition, StellarX will be a wholly owned subsidiary of Coinsquare and will continue to operate and grow under its own brand. Based in Bermuda, it will look to apply with the regulators there to become licensed to operate and scale its offering under Coinsquare’s compliance leadership. BlockEQ cofounder Megha Bambra will now lead StellarX.

“Megha and her new team of Toronto-based developers will continue to build out the product roadmap announced by Stellar last fall,” Coinsquare said.