Canadian two cryptocurrency Trading platform Coinsmart and CoinSquare are preparing to merge after being acquired by Coinquare.
Canadian Giant Cryptocurrency Companies Make Merger Agreement
According to the announcement, the planned acquisition and integration will enable Coinsquare to manage CAD 350 million (approximately $258 million).
The agreement stipulates that CoinSmart will have a 12% ownership stake in Coinsquare on a pro forma basis.
CoinSmart shares rose after the open on Friday and were trading around CAD 0.32 shortly after closing at CAD 0.18 on Thursday.
The current value of this new deal is just under C$30 million, but performance incentives for CoinSmart’s SmartPay business and over-the-counter services could add another $20 million.
CoinSmart CEO Justin Hartzman said the firm wants to build one of the largest regulated cryptocurrency trading platforms in Canada. Your transaction “Bitcoin and will provide the momentum needed to be in a favorable position as cryptoassets enter the next bull run.
Coinsquare CEO Martin Piszel supported Hartzman, adding that the firm’s products will be “supported by the highest regulatory standards in the industry.”
Coinsquare is currently seeking approval to become Canada’s first regulated cryptocurrency asset trading platform as a member and marketplace of the Canadian Investment Industry Regulatory Organization (IIROC).
The firm had previously faced money-dealing charges from Canada’s regulator and eventually settled with the Ontario Securities Commission (OSC).
*Not investment advice.
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