Coinsquare Buys BlockEQ to Expand Cross-Border Presence in Crypto Space

Dec 07, 2018 at 22:27

Coinsquare has acquired BlockEQ for $12 million CAD in the aims of broadening its presence in the digital currency space.

The acquisition is seen to allow Coinsquare to utilize BlockEQ’s access to Stellar, an open-source cryptocurrency payment network.

Allowing cross-border transactions between different traditional currencies, Stellar’s systems has drawn interest from partnered giants like IBM and Deloitte, now its partners.

“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.”

Founded in 2017, BlockEQ promotes itself as a financial institution and a secure, private wallet for crypto through the Stellar network.

Meanwhile, 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.

Coinsquare said BlockEQ will still operate as an individual entity but they will collaborate to launch “a huge number” of crypto assets, including an upcoming Coinsquare Stable Coin designed to minimize a cryptocurrency’s impact from price volatility.