BlockEQ Acquired by Coinsquare
December 7, 2018 11:41 am
BlockEQ, the Toronto-based cryptocurrency wallet startup has been acquired by Coinsquare. This move is part of Coinsquare’s strategy to increase its reach in digital currencies.
The acquisition was finalized in @12 million CAD and it will allow Coinsquare to utilize BlockEQ’s access to Stellar’s open-source cryptocurrency network.
“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.”
BlockEQ prides itself in being a 21st-century financial institution while providing a secure and private wallet for cryptocurrency through the Stellar network. Stellar is an open-source, decentralized payment network tat facilitates cross-border transactions for cross border payments between two different currencies. BlockEQ has partnered with major companies such as IBM and Deloitte.
“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.”
Coinsquare has stated that BlockEQ will remain to be an individual entity but will be working together to launch “a huge number” of cryptocurrency assets. This also includes the upcoming Coinsquare Stable Coin, a cryptocurrency that is developed to minimize the effect of price volatility.
Founded in 2014, Coinsquare is an easy, fast and secure digital platform that allows users to buy and trade cryptocurrencies such as Bitcoin, Ethereum and more. Their mobile apps and website allow users to trade between different cryptocurrencies.
Coinsquare was named as one of the top Canadian startups in 2018 by LinkedIn. The company has also announced the launch of a wealth management business Coincapital which is primarily focused on offering investments in cryptocurrencies, blockchain, and artificial intelligence.