The major Canadian crypto trading platform Coinsquare has announced an acquisition of the decentralized exchange StellarX, following the previous purchase of the wallet BlockEQ.
The background for the purchases is believed to be prepared back last December, when the company acquired Stellar-based wallet, as the company press release reads. Coinsquare noted that the current deal is obviously good development after the last-year purchase. BlockEQ wallet is said to be reworked to become the main feature of the DEX platform.
"We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key", said in the press release Cole Diamond, CEO of Coinsquare
The StellarX is based on the Stellar protocol, which means that the exchange can offer trading of both fiats and digital currencies which hardly can be found at the bulk of the decentralized platforms presented in the market. At the same time, the project is not going to feature custodian instruments, while the deposits can be made via accounts in the US banks.
“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”, Coinsquare added.
Notably, the platform has no access to users' assets.
The StellarX spokesperson commented that the Canadian exchange is perfect choice for their business citing the leading position of the platform, its relationships with the regulatory authorities in Canada, the USA as well as Europe and the experience with Stellar.
The platform will be headed by the co-founder of BlockEQ project Megha Bambra. According to the available data, the exchange will run under its original brand. The parent company is going to register StellarX on the Bermuda Islands.