Coinsquare acquires decentralized crypto trading app StellarX
Coinsquare, a cryptocurrency trading platform for trading Bitcoin, Ethereum, and other cryptocurrencies, announced it has acquired StellarX. StellarX is the first full-featured trading app for Stellar’s universal marketplace.
The StellarX application went live in September 2018 and operates as a true decentralized exchange, meaning users retain sole custody of their funds, trades are executed against other users, and StellarX has no access to funds.
The acquisition of StellarX comes on the heels of Coinsquare’s December 2018 acquisition of BlockEQ, which will be rebranded to become the anchor wallet for the StellarX platform.
“We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key. Stellar is the fastest payment network in the world and we see enormous potential to create industry-leading services on StellarX to further broader adoption.”
Megha Bambra, BlockEQ cofounder, will now lead StellarX. Megha and her new team of Toronto-based developers will continue to build out the product roadmap announced by Stellar last fall. As part of the acquisition, StellarX will continue to operate and grow under its own brand.
StellarX will be a wholly owned subsidiary of Coinsquare, based in Bermuda and will look to apply with the regulators there to become licensed to operate and scale its offering under Coinsquare’s compliance leadership.
“StellarX has awesome potential. By dollar-equivalent volume, we were a top-3 decentralized marketplace just weeks after launch. Today, even in a down market, there are tens of millions of dollars of value held by StellarX account holders. Given marketing and continued development, StellarX’s future is extremely bright. To fulfill its potential, StellarX needs a home with regulatory experience and with a full-scope plan to build around the app.”
