Cryptocurrency buy and trade platform Coinsquare has announced the acquisition of the Toronto-based digital wallet startup BlockEQ to expand its reach in the world of digital currency.

The acquisition was closed for $12 million CAD and allows Coinsquare to leverage BlockEQ’s access to the open-source, cryptocurrency network Stellar.

“We have enormous respect for what the BlockEQ team brings to Coinsquare,” said Cole Diamond, CEO of Coinsquare in a press release. “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.”

BlockEQ touts itself a 21st-century financial institution and a secure, private wallet for cryptocurrency through the Stellar network. Stellar is an open-source, decentralized payment network for digital currency transfers that allows cross-border transactions between two different currencies, for example, EUR to CAD. It has partnered with major companies including IBM and Deloitte.

BlockEQ was co-founded in 2017 by Jonathan Lister, Megha Bambra, and Satraj Bambra. “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,” according to the release.

Coinsquare states that BlockEQ will remain its own entity but they will be working together to launch “a huge number” of crypto assets, including an upcoming Coinsquare Stable Coin, which is a cryptocurrency designed to minimize the effect of price volatility.

Toronto-born Coinsquare, founded in 2014, is a digital platform that touts itself as an easy, fast and secure way to buy and trade cryptocurrency including Bitcoin, Etheruem and other digital currencies.  Its online and mobile apps allow users to make trades between two different cryptocurrencies.

Coinsquare was also named by LinkedIn as one of the top Canadian startups in 2018. Earlier this year it also announced a new wealth management businesses Coincapital, focused on offering investments in emerging technologies like blockchain, artificial intelligence as well as crypto.

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