Top Canadian cryptocurrency asset trading platform, Coinsquare has entered into a decisive agreement with CoinSmart Financial Inc to purchases the crypto trading platform.
According to the development, Coinsquare acquired all issued and remaining equity of wholly-owned operating subsidiary Simply Digital Technologies Inc. This is the unit that owns and operates the CoinSmart trading platform. Consequently, the acquisition and integration of the platform will make Coinsquare become one of the biggest and leading trading platforms in Canada.
Following the acquisition, CoinSmart will own about 12% of Coinsquare on a Pro-formal level, and the firm would benefit from considerable revenue and cost synergies through cross-selling opportunities and expense optimization. Meanwhile, Coinsquare is coming close to its application to become Canada’s first licensed crypto asset trading platform as an Investment Industry Regulatory Organization of Canada (“IIROC”) dealer and marketplace operator.
Coinsquare CEO Martin Piszel expressed that the acquisition represents a monumental and exciting milestone for both companies and brings together two industry-leading management teams.
What are the Benefits of the Transaction?
The firm will become one of Canada’s Largest Crypto Asset Trading Platforms, with a total user base of over 1 million and over $10 billion in crypto transactions since January 2018. Similarly, via CoinSmart’s Get Smart Hub, the community will have a reliable source for information and learning resources about cryptocurrencies, making learning simple and available to everyone.
Coinsquare will leverage the purchase to enhance speed-to-market, thereby combining technologies to optimize the tech stack and bring new features, functionality, and products to market faster. The platform will also have a peculiar payment system such as SmartPay. This will be an easy way to receive crypto payments by converting crypto to fiat with same-day payouts.
CoinSmart CEO Justin Hartzman has expressed his opinion regarding the deal. The CEO lends his excitement;
“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.”
CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way of buying and selling digital assets.
Image source: Shutterstock