Canadian Exchange Coinsquare Acquires BlockEQ to Expand Cryptocurrency Offerings

Canadian cryptocurrency Coinsquare announced on Thursday it has acquired BlockEQ, a cryptocurrency wallet on the Stellar network. Coinsquare reported that it purchased BlockEQ for CAD$12 million and will use BlockEQ’s technology to help it and its users connect further with the world of cryptocurrencies. It was revealed:

“BlockEQ, which was co-founded by Jonathan Lister, Megha Bambra and Satraj Bambra, is a cryptocurrency wallet that empowers 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 a fraction of the cost of moving any other assets in the world, with near instant settlement. Their innovative technology means increased user acquisition, and an incredible ability to scale into the quickly maturing cryptocurrency world.”

Coinsquare also noted that it and BlockEQ will be working towards launching a huge number of crypto assets together, none more notable in the short term than an upcoming Coinsquare Stable Coin. Speaking about the acquisition,  Cole Diamond, CEO of Coinsquare, stated:

“We have enormous respect for what the BlockEQ team brings to Coinsquare. 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.”

Satraj Bambra, CEO of BlockEQ, went on to add:

“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.”