Canada’s Coinsquare Acquires Crypto Exchange CoinSmart
The crypto exchange market in Canada looks to be solidifying after Coinsquare, one of the country’s top digital asset trading platforms, purchased CoinSmart for an unknown sum.
Coinsquare stated on Thursday that it has entered into a binding agreement to acquire all issued and outstanding shares of CoinSmart’s wholly-owned subsidiary Simply Digital. On a pro-forma basis, CoinSmart will control about 12% of Coinsquare after the transaction is completed.
Coinsquare becomes one of Canada’s major cryptocurrency exchanges, and its operational and business capabilities are expanded as a result of the purchase. Coinsquare, which was founded in 2014, has expanded its service offerings to encompass retail and institutional trading, cryptocurrency payment processing, and digital asset custody.
Justin Hartzman, who previously served as the company’s CEO, co-founded CoinSmart in 2018. Hartzman will join Coinsquare’s executive team following the transaction. The CEO said:
“We are thrilled to be working alongside the Coinsquare team to build one of the largest regulated crypto asset trading platforms in Canada and I could not be more proud of what we have accomplished so far.
With a diversified product suite, exceptional crypto talent, and one of the largest user bases in Canada, the combined company will be well-positioned to pursue its aggressive expansion plans. While the crypto market is in the building phase of its life cycle, this transaction will provide the torque needed to be in a favourable position entering the next bull run.”
Coinsquare CEO Martin Piszel also expressed:
“This acquisition represents a monumental and exciting milestone for both companies and brings together two industry leading management teams. We are excited to work together to shape how the crypto industry in Canada grows and evolves, and together we will be able to offer our clients the most innovative and secure products backed by the highest standards of regulation in the industry.”
According to the release, the merged business will have more than $350 million in assets under custody and a client base of more than 1 million. The transaction is scheduled to be completed in the fourth quarter.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu