Decentralised Cryptocurrency Exchange Acquired by Coinsquare: (DEX) StellarX has now been bought by Canadian-based cryptographic money exchange, Coinsquare.
The firm said the event happened after it procured Stellar wallet BlockEQ last December. Coinsquare’s intent is to rebrand BlockEQ and make it ready as the “anchor wallet” platform for StellarX. Coinsquare refused to reveal the expense of the acquisition.
StellarX is a “full featured” decentralized trade application local to the Stellar protocol. It offers the ability for both digital and fiat currencies to be traded. It is uncommon for a DEX to trade fiat currencies. This allows clients with U.S. bank accounts to pay with fiat. Thus, with a DEX, clients have complete control of their assets, and exchange in a peer-to-peer method. StellarX does not charge fees, and has no access to clients’ assets or keys.
StellarX to Keep own Branding
Decentralised Cryptocurrency Exchange Acquired by Coinsquare: co-founder, Megha Bambra will lead StellarX as a part of the deal. Remaining faithful to Stellar’s vision for it, which was announcement in Fall 2018, StellarX will continue to progress as per its product roadmap. Even though StellarX has now been purchased by Coinsquare, according to the announcement, it will keep working under its own image.
StellarX headquarters will be situated in Bermuda, while it operates as a fully owned subsidiary of Coinsquare. As Bermuda is crypto-friendly regulatory regime, the company plans to apply for a license for the DEX.
Coinsquare CEO, Cole Diamond, said: “We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key,”…..“Stellar is the fastest payment network in the world and we see enormous potential to create industry leading services on StellarX to further broader adoption.”
A year ago, financial services company, Canaccord Genuity, led Coinsquare to raise $30 million capital funding. The news of StellarX’s acquisition comes precisely a year later. At that time Coinsquare said the financing “will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs.”
Despite Coinsquare’s ambitious intentions, it has felt the impacts of the recent crypto bear market, and at the beginning of February, had to lay off 40 employees.