Biggest Canadian Exchange Coinsquare Acquires Decentralized Exchange StellarX

Biggest Canadian Exchange Coinsquare Acquires Decentralized Exchange StellarX
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Stellar X the decentralized cryptocurrency exchange built atop the Stellar protocol, announced its new home.

According to a tweet from Stellar X on February 14th, the decentralized exchange has been acquired by Canada’s leading cryptocurrency exchange Coinsquare. The acquisition allows Stellar X to continue operating independently albeit with a new CEO brought on board by Coinsquire.

In a medium post announcing the acquisition, Megha Bambra, the co-founder of BLockEQ a startup that was based on the Stellar blockchain and acquired by Bank of Montreal a few months ago, will be in charge of Stellar X going forth.

“Coinsquare is the perfect fit. They are already the leading Canadian cryptocurrency platform. They have very close relationships with regulators in the U.S., Europe, and Canada. The Bank of Montreal is their banking partner. They have experience with Stellar, having acquired BlockEQ a few months before. And, in Megha Bambra — the BlockEQ cofounder who will now lead StellarX — they have an extremely capable entrepreneur excited to grow StellarX and the Stellar ecosystem as a whole,” the post reads.

Stellar X the decentralized cryptocurrency exchange

Despite the QuadrigaCX saga paint a bleak picture of cryptocurrency exchanges in the face of regulatory authorities, the Coinsquare exchange still has healthy relations with the Canadian regulatory agencies. This is part of the reasons, as outlined above, that StellarX chose to move to its new home. The DEX has “awesome potential” and with the right regulatory features incorporated, the exchange should have a bright future. “To fulfill its potential, StellarX needs a home with regulatory experience and with a full-scope plan to build around the app,” the post adds.

StellarX launched back in October 2018, going forward, the in-house team at Coinsquare should be able to offer their services to the DEX platform and help fulfill the StellarX roadmap as outlined during its Fall 2018 launch.

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