Canadian trading platform Coinsquare announced the acquisition of the publicly traded cryptocurrency exchange CoinSmart.
Coinsquare is very excited to announce that we have entered into a definitive agreement with @CoinSmart. This agreement will position us as one of Canada’s Largest Crypto Asset Trading Platforms!https://t.co/KTMd9jhVs0 pic.twitter.com/fUgTxd9i21
— Coinsquare (@Coinsquare) September 23, 2022
Upon completion of the deal, the two exchanges will merge. The newly formed company will be “one of the largest cryptocurrency trading platforms in Canada.”
The deal will bring the exchange’s assets under management to C$350 million (about $257 million), and the audience of the new platform will reach one million users.
Shares of CoinSmart surged 100% on the announcement, to C$0.32. As of writing, the company’s shares were trading at around C$0.19.
Earlier in November 2020, Coinsquare announced changes to the composition of its board of directors after allegations by the Ontario Securities Commission of falsifying trading volumes.
In the same month, the Canada Revenue Agency, through a court requested data on all its users dating back to 2013.
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