Today, we’re happy to announce that Coinsquare, the biggest crypto exchange in Canada, has acquired StellarX.
From here, StellarX will continue along the roadmap we announced last Fall, led by a dedicated team at Coinsquare of developers and designers who will make StellarX into the product we know it can be. StellarX will continue to operate and grow under its own brand.
The Reason for the Acquisition
StellarX has awesome potential. By dollar-equivalent volume, we were a top-3 decentralized marketplace just weeks after launch. Today, even in a down market, there are tens of millions of dollars of value held by StellarX account holders. Given marketing and continued development, StellarX’s future is extremely bright.
To fulfill its potential, StellarX needs a home with regulatory experience and with a full-scope plan to build around the app.
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.
StellarX is out of the limbo that a deal like this necessarily entails while it closes. After a transition period, Megha and her team will continue building out the exchange.
They are a particularly strong mobile team, and we expect greatness from the coming StellarX mobile app.
In time, they will also add many things that weren’t possible under StellarX’s previous regime: new fiat tethers and securities tokens.
Almost all the original StellarX team will be moving to SDF. There, they will build new products on Stellar and improve Stellar’s developer experience. SDF will work with Coinsquare to ensure that StellarX continues to prioritize the full scope of the network’s interests over the interests of any one particular stakeholder.
We all see StellarX as a cornerstone utility for the network, and we’re excited to watch Stellar, Coinsquare, and StellarX grow together in 2019 and beyond.