StellarX, a user-friendly decentralized cryptocurrency exchange and peer-to-peer marketplace, has been acquired by Coinsquare, a leading Canadian cryptocurrency trading venue, to develop the former into a world-class DEX, according to a Medium blog post on February 14, 2019.
StellarX Gets a New Home
Per a Medium blog post by the StellarX team, Coinsquare, a highly reputed Canada-based cryptocurrency exchange has now acquired the StellarX decentralized exchange for an undisclosed amount.
Though the entire details of the deal are still undisclosed, StellarX has said it will continue to grow under its brand and continue working along its roadmap.
Launched in September 2018 with the aim of becoming the most popular place to trade digital assets in the world, StellarX says its DEX has grown significantly since going live a few months ago, with its account holders now storing tens of millions of dollars worth of cryptoassets on the platform despite the downturn in the price of bitcoin and altcoins.
Coinsquare will help StellarX Achieve its Goals
Against that backdrop, the team has made it clear that the acquisition of StellarX by Coinsquare will enable the former to fulfil its potentials, since Coinsquare has already gained grounds in Canada and it also has a very cordial relationship with regulators in different jurisdictions including in the U.S., Europe and Canada.
The StellarX team also pointed out that since Coinsquare already has experience with the Stellar blockchain network, coupled with their solid banking partners, the Bank of Montreal, the acquisition represents a forward-thinking manoeuvre that would transform the platform in no time.
It’s worth noting that Coinsquare has been making significant efforts to diversify its operations.
As reported by BTCManager in December 2018, Coinsquare acquired BlockEQ, a non-custodial cryptocurrency wallet that allows users to store XLM and other Stellar-powered cryptoassets.
Cole Diamond, CEO of Coinsquare, declared:
“…That combination in partnership with Coinsquare’s technology means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and across the globe.”
Megha Bambra to Lead StellarX
With the successful deal, Stellar Bambra, the co-founder of BlockEQ will now become the head of StellarX and continue to build the platform.
Going forward, the team plans to launch the StellarX mobile app, add new fiat tethers as well as securities tokens to the platform and all the original StellarX team members will be moved to the Stellar development foundation (SDF).