TORONTO, ON, September 22, 2022 (GLOBE NEWSWIRE) — Coinsquare, Canada’s leading cryptocurrency trading platform, today announced that it has entered into a definitive agreement, effective September 22, 2022 (“purchase contract”) CoinSmart Financial Inc. (“coin smart), a wholly-owned operating subsidiary of Simply Digital Technologies Inc. (“simply digital”), which owns and operates the CoinSmart trading platform.
This acquisition and integration will make Coinsquare one of Canada’s largest crypto trading platforms, offering diversified and compliant services across a variety of business lines, including retail and institutional trading, crypto payment processing, and digital asset management. Upon completion of the transaction, CoinSmart will retain approximately 12% of his Coinsquare ownership on a pro forma basis and enjoy substantial revenue and cost synergies through cross-selling opportunities and cost streamlining.
Coinsquare is in the final stages of approval to become Canada’s first cryptocurrency trading platform regulated by the Canadian Investment Industry Regulatory Authority. (Hereinafter referred to as “Ii Rock”) Members of dealers and marketplaces.
“This acquisition marks a monumental and exciting milestone for both companies and unites two industry-leading management teams,” said Coinsquare CEO Martin Piszel. “The cryptocurrency market is undergoing major changes, with regulators defining a roadmap for platforms to operate in Canada. We feel scale and operational efficiency matter and are well positioned to play a leading role in defining Canadian space.”
The main transaction advantages are:
- One of Canada’s largest cryptocurrency trading platforms: The combined company will process over $10 billion in crypto transactions with a combined user base of over 1 million since January 2018.
- Complementary platforms for synergy: Significant revenue and cost synergies through cross-selling opportunities and cost rationalization.
- Time to market: Leverage combined technologies to optimize your tech stack and bring new features, capabilities and products to market faster.
- New Business Lines to the Coinsquare Portfolio: An easy way to convert cryptocurrencies to fiat and make same-day payments, such as SmartPay.
- Enhanced education portal: CoinSmart’s Get Smart Hub will make the community a powerful destination for crypto knowledge and learning tools, making it easy for anyone to learn.
CoinSmart CEO Justin Hertzman said: “We are thrilled to be working with the Coinsquare team to build one of the largest regulated cryptocurrency trading platforms in Canada and we couldn’t be more proud of what we have accomplished so far. With a suite, extraordinary cryptocurrency talent, and one of Canada’s largest user bases, the combined company is well-positioned to pursue aggressive expansion plans.The cryptocurrency market is building its lifecycle. It’s in stages, but this trade will provide the necessary torque to position itself well for the next bull market.”
Email: [email protected]
Email: [email protected]
Coinsquare, a privately held company incorporated under Canadian law established in 2014, aims to provide a robust, secure and intelligent interface for trading Bitcoin, Ethereum, Litecoin and other digital assets. We provide our customers with a unique platform designed for Coinsquare has grown to become Canada’s oldest digital asset company, trading on behalf of over 500,000 Canadians. Coinsquare has raised over $100 million and to date he has successfully completed over $8 billion in transactions. For more information, please visit www.coinsquare.com.
CoinSmart is a leading cryptocurrency trading platform headquartered in Canada, dedicated to providing customers with an intuitive way to buy and sell digital assets such as Bitcoin and Ethereum. CoinSmart is one of the few Canadian cryptocurrency trading platforms registered as a marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canada-based trading platforms with an international presence, serving clients in over 40 countries, as the digital asset industry continues to expand rapidly.
CoinSmart furthers its mission to make cryptocurrency accessible by providing educational resources tailored to all levels of cryptocurrency knowledge and unmatched 24/7 omnichannel customer support. . Offering instant verification, industry-leading cold wallet storage, advanced charting with order book functionality, and over-the-counter premium services, CoinSmart ensures that all customer needs are met with the highest level of quality and care. to
For more information, please visit www.coinsmart.com.
Coinsquare Announces Acquisition of CoinSmart to Create One of Canada’s Largest Crypto Trading Platforms, The Canadian Business Journal
Source link Coinsquare Announces Acquisition of CoinSmart to Create One of Canada’s Largest Crypto Trading Platforms, The Canadian Business Journal