Canadian crypto exchange Coinsquare acquires crypto wallet startup BlockEQ

Canadian cryptocurrency trading platform Coinsquare has announced the acquisition of BlockEQ, a cryptocurrency wallet on the Stellar network.

According to the terms of the deal, the acquisition was closed for $12 million CAD and brings BlockEQ into the Coinsquare ecosystem. BlockEQ will remain its own entity, operating as a subsidiary of Coinsquare.

"We're excited to be working under the Coinsquare umbrella," said Satraj Bambra, CEO of BlockEQ. "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."

BlockEQ enables users to buy, trade, and hold cryptocurrencies in a secure manner. It allows for the tokenization of crypto assets in order to allow them to move on the Stellar network at less than $0.00001 transaction fees cost and near instant settlement.

Coinsquare said that the acquisition will help its users to connect further with the world of cryptocurrencies. It will leverage the technology to provide new products and services using the Stellar Network.

According to the official release, Coinsquare and BlockEQ will be working towards launching a huge number of crypto assets together, which includes an upcoming Coinsquare Stable Coin.

"They [BlockEQ] 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,” said Cole Diamond, CEO of Coinsquare.