Coinsquare has acquired the 100% stake of CoinSmart Trading Platform’s operating subsidiary, Simply Digital Technologies.
Highlights of The News
Two major crypto trading platforms in Canada come into the Purchase Agreement on September 2022.
CoinSquare aims to become one of the largest crypto trading platforms in Canada.
After the acquisition, the combined entity has more than 1 million users and has traded since January 2018 for around $10 billion.
After the integration, CoinSquare becomes the Investment Industry Regulatory Organisation of Canada dealer and marketplace member.
The Crypto Space of Canada will see a major turnaround after the acquisition in terms of crypto trading.
Brief of the Highlighted Crypto News
Recently, on September 22, 2022, Coinsquare CEO Martin Pieszel announced plans to take up a 100% stake in the CoinSmart trading platform operator, Simply Digital Technologies.
The acquisition gives control of a 12% share of Coinsquare to CoinSmart on a Pro-forma basis which means financial statement forecasting for future periods.
This Crypto Exchange Merge will see a definitive perspective on crypto payment processing. According to the statement of CoinSmart CEO, Justin Hartzman,
“The cryptocurrency market is going through immense change with regulators defining a roadmap for platforms to operate in Canada.” This has led to an ever-increasing cost structure and additional complexity in operating a viable crypto exchange. We feel that scale and operational efficiency matter, and we are well positioned to play a leading role in defining the space in Canada.”
Key Benefits of The Acquisition
Here are some forecasted advantages you can observe after the integration of both the Canadian crypto exchange platforms, Coinsquare and CoinSmart.
One Of The Largest Crypto Asset Trading Platforms
Since January 2018, the combined crypto assets have exceeded one million consumers and exceeded $10 billion in traded volume.
Complement Portals Leading To Synergies
Grabbing significant revenue and cost synergies via cross-selling opportunities and cost rationalization.
Speed To Market
It will be leveraging the combined tech stack of both forums to onboard new features, functionalities, and products to the global financial market faster.
New Business Lines To Coinsmart Portfolio
Coinsquare brings the SmartPay App of CoinSmart for cryptocurrency payments and converts crypto to fiat with same-day payouts.
Enhanced Education Portal
CoinSmart’s Get SmartHub Community to make robust crypto knowledge and learning tools so that they are too convenient to access for crypto enthusiasts to enrich their information.
Concise History of Coinsquare and CoinSmart Financial Inclusion.
- It has been the oldest operating digital asset firm in Canada since 2014.
- Coinsquare is a robust, secure, and intelligent interface for trading digital assets, including Bitcoin, Litecoin, Ethereum, and many other cryptocurrencies.
- It currently has over 500,000 users and is present in a number of countries.
- It has the registration of operation under the laws of Canada.
- It has recently raised more than $100 million.
- Coinsquare has completed the transaction under its umbrella of costing $8 billion since 2014.
CoinSmart Financial Inclusion
- CoinSmart is one of the crypto asset trading platforms in Canada.
- It is a crypto forum for buying and selling digital assets, especially Bitcoin and Ethereum.
- CoinSmart is working under the authentication of the Ontario Securities Commission Registration.
- It has established its worldwide presence in over 40+ different geographical territories.
- It provides over-the-counter premium services, cold wallet storage, and advanced charting with order book functionality for digital assets.