Breaking: BlockEQ (XLM) acquired by Coinsquare

Breaking: BlockEQ (XLM) acquired by Coinsquare

BlockEQ (BlockEquity Inc.) has been acquired for $12 million by Coinsquare, Canada’s largest cryptocurrency trading platform.

BlockEQ Acquisition

In exciting news for BlockEQ employees and Stellar network fans, the $12 million acquisition sees Coinsquare leveraging the proprietary technology to provide new products and services by utilizing the Stellar Network.

“We have enormous respect for what the BlockEQ team brings to Coinsquare.” said Cole Diamond, CEO of Coinsquare. “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 means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”

BlockEQ was co-founded by Satraj Bambra, Megha Bambra and Jon Lister who began building the platform 9 months ago. After expanding their team of engineers they launched mobile wallets on Google Play Store, the App Store and desktop versions for MacOS and Windows. The wallets have received awards from Stellar’s Build Challenges and have been downloaded in more than 70 countries.

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Setting a Trend?

With the not-so-distant $500 million acquisition of Chain by Lightyear (now Interstellar), as well as multiple other cryptocurrency company buyouts, could such M&As start to become more commonplace within the blockchain and crypto ecosystem? It’s not beyond the realm of possibility that such mergers and buyouts could encourage the much-mooted market consolidation or ‘purge’, whilst simultaneously beginning a concentrated bull-run for the remaining currencies. Nevertheless, this acquisition marks an exciting milestone for BlockEQ and Coinsquare.

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