Two Giant Cryptocurrency Platforms Make a Remarkable Move!

Two Canadian cryptocurrency trading platforms, Coinsmart and CoinSquare, are set to merge after being acquired by Coinquare.

Giant Canadian Cryptocurrency Companies Reach Merger Agreement According to the announcement, the planned acquisition and integration will enable Coinsquare to manage 350 million Canadian dollars (approximately 258 million US dollars). The deal provides for CoinSmart to have a 12% ownership stake in Coinsquare on a pro forma basis. CoinSmart shares rose after the open on Friday, trading around CAD$0.32, shortly after Thursday's close of CAD$0.18. The current value of this new deal is just under 30 million Canadian dollars, but performance incentives for CoinSmart's SmartPay business and off-exchange services could add another 20 million dollars. CoinSmart CEO Justin Hartzman said the firm wants to build one of the largest regulated cryptocurrency trading platforms in Canada. He said the transaction would provide "the momentum needed to be in a favorable position as Bitcoin and crypto assets enter the next bull run." Coinsquare CEO Martin Piszel supported Hartzman, adding that the firm's products "will be backed by the highest regulatory standards in the industry." Coinsquare is currently a member of Canada's Investment Industry Regulatory Organization of Canada (IIROC) and is seeking approval to become the first cryptocurrency asset trading platform regulated as a marketplace. The firm has previously faced accusations of money laundering from Canada's regulator and eventually reached a settlement with the Ontario Securities Commission (OSC). Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!