Toronto-based Coinsquare has acquired BlockEQ, a cryptocurrency wallet running on Stellar, for $12 million.
BlockEQ allows for the tokenization of crypto assets in order to allow them to move on the Stellar network. With BlockEQ, the goal is to increase the accessibility of cryptocurrency.
Coinsquare and BlockEQ will work towards launching a cryptoassets together, including an upcoming Coinsquare Stable Coin. BlockEQ will remain its own entity, operating as a subsidiary of Coinsquare.
“We have enormous respect for what the BlockEQ team brings to Coinsquare,” said Cole Diamond, CEO of Coinsquare. “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.”
Coinsquare has made several steps towards its mission to become a financial institution. In July, Coinsquare launched Coincapital, an investment manager for cryptocurrency registered with the OSC. Coinsquare also offers licensing options for domestic and international businesses to offer a digital currency trading solution powered by Coinsquare.
In September, Coinsquare launched two ETFs on the TSX.
“We’re excited to be working under the Coinsquare umbrella,” said Satraj Bambra, CEO of BlockEQ. “Coinsquare was the reason we initially became interested in the cryptocurrency space, so when Cole and team approached us about coming onboard, it seemed like a natural next step.”