Since the age of bearish market are still not resolved until now, crypto-related companies now tend to took some drastic measures including buying their own competitors. Just like they say, ‘Less competition, less hassle.’
Recently, one of the Canada’s biggest crypto exchange company called Coinsquare announced their decision to acquire Stellar’s leading crypto wallet, BlockEQ. This means that Coinsquare are now able to allow connectivity with their users having exchanges and their digital assets.
According to the report, Coinsquare bought the company of BlockEQ for the price of CAD $12 Million or equivalent to USD $9 Million. With this acquisition, BlockEQ are now considered as one of the subsidiaries of Coinsquare.
Still, the decision that took place between the two parties were said to be agreed upon the both companies. As BlockEQ stated, the acquisition of Coinsquare to their crypto wallet serves as their inspiration to start over in the crypto space.
“We’re excited to be working under the Coinsquare umbrella. 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,” said Satraj Bambra, CEO of BlockEQ.
Having the same statement with BlockEQ was Coinsquare, saying that they have seen the development of BlockEQ over the years and their participation now in the company will provide the expanded knowledge they need in Coinsquare. Still, Coinsquare reiterates in the report that nothing will be changed in the management of BlockEQ as they will still provide freedom to their new subsidiary. Although now, the both companies will formulate new products designed to give benefit to the crypto exchange.
“We have enormous respect for what the BlockEQ team brings to 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,” said Cole Diamond, CEO of Coinsquare.
Over the past months, Coinsquare’s decision to expand their business became a successful journey for the company. Although this is the first time that Coinsquare acquires a company as their subsidiary, it is expected that after this, there will be more crypto-related companies that will be driven to become part of Coinsquare.
After all, they claimed to have $7 million daily trading on their account and becoming the 73rd largest crypto exchange in the world. With this number, the companies’ willingness to be part of Coinsquare cannot be denied.