TORONTO, ONTARIO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Coinsquare, Canada’s leading crypto asset trading platform, announced today that it has entered into a definitive agreement dated September 22, 2022 (the “Purchase contract“) with CoinSmart Financial Inc. (“CoinSmart“) to all issued and outstanding shares of its wholly owned subsidiary Simply Digital Technologies Inc. (“Simply digital’), which owns and operates the CoinSmart trading platform.
With this acquisition and integration, Coinsquare becomes one of Canada’s largest crypto asset trading platforms with a diversified and compliant offering across multiple business segments including both retail and institutional trading, crypto payment processing and digital asset custody. Upon closing of the transaction, CoinSmart will own an approximately 12% stake in Coinsquare on a pro forma basis and the company will realize significant revenue and cost synergies through cross-selling opportunities and cost rationalization.
Coinsquare is in the final stages of approval to become Canada’s first crypto asset trading platform to be regulated as Canada’s investment industry regulator (“IIROC”) Merchant and Marketplace Member.
“This acquisition represents a monumental and exciting milestone for both companies and brings together two industry-leading management teams.” Said Coinsquare CEO Martin Piszel. “The cryptocurrency market is undergoing immense change as regulators define a roadmap for operating platforms in Canada. This has resulted in an ever-increasing cost structure and added complexity in running a viable crypto exchange. We believe scale and operational efficiencies are important, and we are well positioned to play a leading role in defining space in Canada.”
Key transaction benefits include:
- One of Canada’s Largest Crypto Asset Trading Platforms: The combined company will have over $10 billion worth of crypto transactions since January 2018 with a combined…
