Canadian Coin Exchange Coinsquare Acquires Cryptoassets Marketplace StellarX
On Thursday, Coinsquare announced that they have acquired StellarX as a way of helping it comply with regulatory standards. StellarX is a decentralized cryptoasset exchange that is deployed on the stellar blockchain network. Since Coinsquare is established crypto exchange their management will be vital in guiding the developers of StellarX in the implementation of the standard regulatory measures to enable the DEX to attain its potential.
Why Coinsquare?
In regard to the acquisition, the management of StellarX indicated that Coinsquare was a perfect fit for them since they were already an established cryptocurrency platform in Canada. They have good working relationships with regulators across Canada, the U.S., and Europe. Coinsquare is equally already partnering with the Bank of Montreal.
SterllarX launched in September last year following a series of successful beta testing of the cryptoasset marketplace platform. It is a development of interstellar which is a resulting business entity following the acquisition of Chain, Inc. by stellar Development Foundation that has an association with Lightyear Corporation.
Before the acquisition, Chain Inc. was a technology firm that specialized in the development of cloud blockchain systems for conducting financial transactions. Lightyear Corporation, on the other hand, is a for-profit firm that manages the Stellar protocol products and services. The Stellar protocol just like the Ripple protocol who is the primary competitor defines crypto to fiat transaction specifications across the board for any currency pair.
Maintaining the Stellar team
Following the acquisition, Stellar marketplace protocol developers will be retained to continue focusing on the development of the project. The StellarX team will continue collaborating with members of Stellar Development Foundation. Co-founder of the private Stellar wallet BlockEQ, MeghaBambra will head the development of StellarX under the new management of Coinsquare. The company expects the StellarXcryptoasset marketplace to provide additional fiat tethers and security tokens once complete.
According to the announcement, all the original team members of StellarX will move to Stellar Development Foundation. At SDF the team will be obligated to developing new products that can improve the developer experience of Stellar. The SDF is expected to work with Coinsqure in ensuring that StellarX advances the scope of their network interests by prioritizing it over other interests of other stakeholders.
Currently Stellar price is $0.08 with a capitalization of approximately $1.5 billion.