Coinsquare Acquires Decentralized Crypto Exchange StellarX

Coinsquare, a Canadian cryptocurrency exchange has acquired StellarX, another DEX. The financial terms of the acquisition are not disclosed

Found in 2014, Coinsquare claims to be a premier cryptocurrency trading platform for trading Bitcoin, Ethereum, XRP, and other digital currencies, in Canada. It has raised a total of USD $53 million till date.

StellarX is a free, full-featured and user-friendly trading app for all types of digital assets. The cost of trading on this DEX (decentralized exchange) is considerably low and the user always owns sole custody of their funds.

The Crypto Downturn

This is a piece of great news for the crypto industry as the cryptocurrency industry is engulfed with the slowdown in terms of its overall crypto valuation as well as layoffs in recent months. Some of the recent layoff events specific to the crypto industry include,

• ConsenSys, a known venture which is working with the blockchain technology, announced overhauling of their entire business model and cut off about 13% of the total staff. 
• Steemit, a firm which runs a social network on a blockchain-based network, laid off almost 70% of its staff.
• Coinsquare, a Toronto-based cryptocurrency trading platform recently laid off 40 staff members according to Betakit reports.
• The Globe and Mail reported QuadrigaCX, a Canadian trading platform, has ceased operations, filed for creditor protection and owes its customers approximately 260 million dollars.

Acquisition Details

In a blog post on this acquisition, Stellax team said, "StellarX has awesome potential. By dollar-equivalent volume, we were a top-3 decentralized marketplace just weeks after launch. Today, even in a down market, there are tens of millions of dollars of value held by StellarX account holders. Coinsquare is the perfect fit. They are already the leading Canadian cryptocurrency platform. They have very close relationships with regulators in the U.S., Europe, and Canada. The Bank of Montreal is their banking partner. "

The BockEQ cofounder, Megha Bambra will lead StellarX efforts and her team will focus on building Stellar's product map announced last fall, the announcement said.

StellarX now will be a wholly owned subsidiary of Coinsquare and StellarX will continue to operate and grow its own independent brand.