Leading Canadian cryptocurrency asset trading platform Coinsquare has reached a decisive agreement with CoinSmart Financial Inc to purchase the cryptocurrency trading platform.

According to development, Coinsquare acquired all of the issued and remaining capital of the wholly owned operating subsidiary Simply Digital Technologies Inc. This is the unit that owns and operates the CoinSmart trading platform. Consequently, the acquisition and the integration of the platform will make Coinsquare one of the largest and leading trading platforms in Canada.

Following the acquisition, CoinSmart will own approximately 12% of Coinsquare at the Pro-formal level, and the company will benefit from significant revenue and cost synergies through cross-selling and spend optimization opportunities. Meanwhile, Coinsquare is closing in on its application to become Canada’s first licensed crypto-asset trading platform as a dealer and market operator by the Investment Industry Regulatory Organization of Canada (“IIROC”).

Coinsquare CEO Martin Piszel said the acquisition represents a monumental and exciting milestone for both companies and brings together two industry-leading management teams.

What are the benefits of the transaction?

The company is set to become one of the largest crypto asset trading platforms in Canada, with a total user base of over 1 million and over $10 billion in crypto transactions as of January 2018. Similarly, through of CoinSmart’s Get Smart Hub, the community will have a trusted source of information. and cryptocurrency learning resources, making learning simple and available to everyone.

Coinsquare will leverage the buyout to improve speed to market, thus combining technologies to optimize the technology stack and bring new features, functionality and products to market faster. The platform will also have a peculiar payment system such as SmartPay. This will be an easy way to receive crypto payments by converting crypto to fiat currency with same day payments.

CoinSmart CEO Justin Hartzman has expressed his thoughts on the deal. The CEO lends his enthusiasm to it;

“We are delighted to be working together with the team at Coinsquare to build one of the largest regulated crypto asset trading platforms in Canada and couldn’t be more proud of what we have achieved so far.”

CoinSmart is a leading Canadian-based crypto asset trading platform dedicated to providing clients with an intuitive way to buy and sell digital assets.

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