Coinsquare Acquires the StellarX Decentralized Exchange
News reaching Ethereum World News indicate that the largest cryptocurrency exchange in Canada, Coinsquare, has recently acquired the StellarX decentralized exchange. The team at StellarX made the announcement via medium and stated that they will still continue with the roadmap outlined back in September of last year.
The team at StellarX have stated that the reason for the acquisition is to allow for the exchange to fulfill its potential. Coinsquare provides a home with regulatory experience and a full scope plan to build around the platform. The latter exchange has networks with regulators in the United States, Europe and Canada. Coinsquare also has a partner in the bank of Montreal.
Coinsquare’s Additional Experience with the Stellar Network
Coinsquare also acquired BlockEQ late last year for $12 Million. StellarX will be led by BlockEQ’s co-founder, Megha Bambra, and will continue to grow and enhance the Stellar ecosystem.
BlockEQ is a private Stellar wallet that allows its user to have full control of their funds through a private key. The wallet is available on both mobile and desktop. BlockEQ is also the first native iOS wallet that supports trading on StellarX. This fact makes the acquisition of StellarX ideal for Coinsquare.
More on StellarX Decentralized Exchange
Launched in July 2018, StellarXoffers decentralized trading of multiple cryptocurrencies from different blockchains as well as those on the Stellar network. The exchange is also free to use and is the first decentralized exchange with global fiat gateways. The exchange also offers XLM as a base currency for trading.
The team at StellarX had outlined the following future improvements on the decentralized trading platform.
A mobile site, for great justice
Continued improvement to signup, onboarding, and visual design
Improved token stats and info
Portfolio performance reporting & summaries
Improved charting library
Fungible path-payment support (i.e. allowing a sender to send token A and specify that the recipient receives it as token B)
A market maker rewards program
SEP 0007 support for airdrops, etc.
Non-XLM markets support
In-app deposit/withdrawal support for all tokens via SEP 0006
Universal (optional) KYC via SEP 0009 & 0010
Self-serve platform for issuers to submit more token detail
Bitcoin.tax support for Stellar trades
As earlier stated, the roadmap for StellarX will not change with the acquisition. Therefore, the above roadmap will still be implemented per the announcement.
What are your thoughts on Coinsquare acquiring the StellarX decentralized exchange? Are Decentralized Exchanges the future of crypto trading? Is Coinsquare positioning itself in a position to compete with Biannce? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.