Coinsquare Acquires BlockEQ Wallet in Push to Expand Offering

Coinsquare, one of Canada’s biggest digital currency exchanges, on Thursday said it has purchased BlockEQ, a private Stellar wallet that also serves as a decentralized network for cryptocurrency P2P Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and trading.

This acquisition is the first instance in which Coinsquare, aka Canada’s Coinbase, has bought out a smaller company in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term space.

Currently, Coinsquare's customers rely on the company to act as a custodian. By contrast, a decentralized wallet lets them hold the cryptocurrency directly using their own private keys. The acquisition also gives Coinsquare a wallet brand of its own and provides a security-audited system to transact digital assets.

Terms of Deal Disclosed

The acquisition was closed for CAD $12 million ($9 million), but the company did reveal that BlockEQ will retain the autonomy and freedom to develop the core product. It will also benefit from future integration possibilities and the increased synergy from Coinsquare, including the broad user base and its upcoming Stable Coin.

The Toronto-based exchange claims $5 billion per year of cryptocurrency trades and over 100,000 customers. The company raised $23.63 million in a funding round earlier this year and is targeting a $120 million IPO to help finance an overseas expansion.

Coinsquare has recently announced the next phase of its bid to become a global crypto exchange, opening for business in the European Union in Q4 2018.

The trading venue is also making inroads into Asia as it plans to open a new cryptocurrency exchange in Japan. The move, which involves a partnership with blockchain investment bank DLTa21, comes as Japanese regulators investigate such exchanges in the country after hackers stole millions in some of the world’s biggest cyber-heists.

Commenting on the news Cole Diamond, CEO of Coinsquare, said: "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."