Skip to main content

Toronto-based cryptocurrency exchange Coinsquare is acquiring virtual currency wallet BlockEQ for $12-million.

The deal will allow Coinsquare users to access Stellar, a blockchain-based payment network that allows users to swap fiat currencies for virtual ones and send money across borders.

Stellar was created by a non-profit called the Stellar Development Foundation and bills itself as a low-cost payment network that aims to fight poverty by facilitating remittance payments to developing countries.

Story continues below advertisement

BlockEQ serves as a way to enter and exit the Stellar payment network; as a virtual currency wallet, it basically allows users to access their cryptocurrency holdings. It will remain its own entity and operate as a subsidiary of Coinsquare.

Coinsquare launched in 2014 as a cryptocurrency trading platform, but since then the company has been expanding into new lines of business. Earlier this year, it announced the launch of Coincapital, its portfolio and investment fund management division.

The company also has a wealth division that services high-net-worth clients, a licensing department that allows companies to launch their own trading platforms using Coinsquare’s back-end technology and a Quebec-based cryptomining business.

The BlockEQ deal marks Coinsquare’s first acquisition, but the company’s chief executive said it won’t be the last.

“It gives us an opening into the wider cryptocurrency universe, particularly at a time when Coinsquare is expanding internationally,” Cole Diamond said.

Coinsquare has previously said it plans to expand into Europe and the United States.

Stay up to date on all our Streetwise stories. We have a Streetwise newsletter, covering mergers and acquisitions, plus financial services news. It is sent Tuesday to Saturday morning. Sign up today.

Report an error Editorial code of conduct
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter