US-based bitcoin exchange has acquired CAVirtex and will reopen it for trading.
CAVirtex is a Canada-based bitcoin exchange that earlier this year, announced plans to shut down on March 20. The exchange said it had suffered a number of security related incidents, and although no client funds were lost, it stated that “the damage to the company’s reputation caused by the potential compromise will significantly harm” its ability to operate successfully.
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Under the new arrangement, both Coinsetter and CAVirtex will continue to operate as separate brands and users will access services through the separate websites. The exchanges will be sharing, however, technology, capital, management and banking access in order to streamline operations.
Figures were not disclosed as to the value of the deal.
The deal represents a bit of a boost for the state of bitcoin exchanges in Canada. CAVirtex joined Vault of Satoshi in announcing its closure earlier this year. However, two other Canadian bitcoin exchanges have since announced plans to go public, suggesting that the local industry is not doomed, rather moving toward consolidation.