Coinsquare, one of the premier and most used cryptocurrency trading platforms in Canada, has acquired Toronto-based BlockEQ, the leading cryptocurrency wallet on the Stellar network. The platform purchased the company for $12 million CAD, which translates to a little over $9 million USD.

BlockEQ allows users to buy, trade, and hold cryptocurrency securely. The wallet also allows users to tokenize assets on the Stellar network and near-instant settlement. The purchase will allow Coinsquare to launch crypto assets under the partnership. The first project the two companies will be working on is a Coinsquare Stable Coin. For those who are unaware, a stablecoin is a coin that is pegged to a particular asset, such as a currency (such as the dollar, yen, or other) or an asset (gold, silver, metal, etc).

The CEO of BlockEQ, Satraj Bambra, praised Coinsquare, stating,

We’re excited to be working under the Coinsquare umbrella. Coinsquare was the reason we initially became interested in the cryptocurrency space, so when Cole and team approached us about coming onboard, it seemed like the natural next step.”

Cole Diamond, the CEO of Coinsquare, offered this statement:

We have enormous respect for what the BlockEQ team brings to Coinquare. They are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That combination in partnership with Coinsquare’s technology and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”

It’s important to note that BlockEQ will remain its own entity and operate as a Coinsquare subsidiary. Coinsquare has had quite the year, as it was recognized several months ago as the “second most sought-after company” on Linkedin’s list of top Canada startups for 2018. As if that wasn’t an accomplishment in and of itself, Coinsquare was also the fastest-growing startup on the list, as its employee base grew 92% from July 2017 to July 2018.