Coinsquare Acquires StellarX: Canadian Exchange Takes Over
Canada’s largest crypto exchange Coinsquare has acquired the StellarX DEX according to a press release published yesterday.
Under the terms of the agreement, StellarX will become a fully-owned subsidiary of Coinsquare and will now need regulatory approval to operate its service under the Coinsquare umbrella.
Based in Bermuda, StellarX describes itself as “the first decentralized crypto platform with global fiat gateways. You can trade Bitcoin for Euros for Chinese Yuan on StellarX. That’s not possible anywhere else.”
Developed as an on-ramp for traders, customers have the ability to deposit fiat money directly from their US bank accounts for trading against specific coin pairs.
This is an unusual feature for a DEX and is a feature StellarX waves proudly. Acceptable fiat currencies are the Euro, Chinese Yuan, Hong Kong Dollar, and British Pound.
Native to the Stellar protocol, the exchange announced itself in July 2018 and began trading in October.
CoinDesk describes it further: “As a DEX, users retain sole custody of their funds and trade in a peer-to-peer fashion. StellarX has no access to users’ funds or keys and charges no fees.”
This is not the first time Coinsquare has taken an interest in Stellar’s wares. In December 2018, the Canadian exchange purchased Stellar’s private wallet called BlockEQ. According to Cointelegraph, “the firm is reportedly set to be rebranded to become the anchor wallet for the StellarX platform.”
Under the terms of the new deal, BlockEQ cofounder Megha Bambra will now lead StellarX. The exchange will still develop as planned according to its product roadmap, and while it is now owned by Coinsquare, it will continue under its own brand.
XLM is trading today up 3.5% at the time of writing. It is the ninth largest cryptocurrency by market cap with a valuation of approximately $1.5 billion USD. XLM is trading at $0.08 per coin according to CoinMarketCap.
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