Canadian cryptocurrency platform Coinsquare announced on Thursday it has acquired global decentralized cryptocurrency exchange, StellarX. The acquisition of StellarX reportedly comes on the heels of Coinsquare’s December 2018 acquisition of BlockEQ, which will be rebranded to become the anchor wallet for the StellarX platform.
According to Coinsquare, StellarX is claimed to be the first full-featured trading app for Stellar’s universal marketplace. The exchange 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. While sharing more details about the acquisition, Cole Diamond, CEO of Coinsquare, stated:
“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”.
Coinsquare then noted that Megha Bambra, who is BlockEQ Co-Founder, will now lead StellarX. Bambra and her new team of Toronto-based developers will continue to build out the product roadmap announced by Stellar last fall. As part of the acquisition, StellarX will continue to operate and grow under its own brand.
The acquisition news also comes just days after Coinsquare reportedly laid off 40% of its workforce. As previously reported, the latest layoffs reportedly follow a 20% cutback on employees undertaken by Coinsquare last July. According to Coinsquare CEO Cole Diamond, the exchange scaled up from three employees to 150 in the 21 months, but has now, “…decided to make some cutbacks to make sure we protect our strong position in the market…”