Canadian Crypto Exchange, Coinsquare Acquires Decentralized Exchange StellarX

coinsquareCoinsquare, one of Canada’s leading crypto exchanges is expanding its offering and has acquired zero fees decentralised exchange, StellarX. 

StellarX is a full-featured trading app of Stellar and is built on its own blockchain. According to the blog post by Stellar, Coinsquare would not be fully integrating StellarX with its own platform, rather it would provide all the necessary resources to stick to their original roadmap. Coinsquare would bring in top-notch developers and engineers to support the vision and objective of StellarX.

In addition, Coinsquare would add several new features to its newly acquired company in coming days. At present, StellarX users can exchange their XLM tokens for just a few fiat tokens and alt-coins. But now, after the acquisition, Coinsquare is likely to add few security tokens and fiat-pegged tokens. The other big advantage of this acquisition is, StellarX will be benefitted from the Coinsquare’s good relationship with the US and European regulators. The statement in its blog reflects the company’s stance.

To fulfill its potential, StellarX needs a home with regulatory experience and with a full-scope plan to build around the app.

As a part of the deal, StellarX will be led by BlockEQ cofounder Megha Bambra and will continue its development in accordance with the product roadmap announced by Stellar in autumn of 2018. StellarX will be a wholly owned subsidiary of Coinsquare and will be based in Bermuda. The company will retain its identity and logo, according to the statement.

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.

The stellar team noted that why the deal went through, it added, they saw success in independently becoming the top three decentralized exchange in near future, and it needs a home with a regulatory experience to achieve its full potential.