Coinsquare to Acquire Payment Network StellarX
As per a press release, Coinsquare which is a major Canadian crypto exchange is all set to acquire StellarX which is an XLM-based zero-fee decentralized payment network.
As per the announcement from the management, StellarX which is a Bermuda based entity would be operating as a fully owned subsidiary of Coinsquare. It would have to operate with proper regulatory approval and can expand its business under Coinsquare’s compliance.
The acquisition took place after Coinsquare’s took over private Stellar wallet BlockEQ last year in December. Post-acquisition, the firm is looking forward to rebranding itself as StellarX platform’s anchor wallet.
Megha Bambra who is the co-founder of BlockEQ, would now take over and lead StellarX from the front. She is expected to create and develop the product roadmap as part of her core responsibilities.
StellarX started its operations towards the end of the third quarter last year. Currently, the firm works on fiat onramp and allows its users to transfer and deposit fiat money from their personal bank accounts. The company also provides the provision of listing digital tokens for a good number of fiat currencies which includes Chinese yuan, euro, the British pound, Hong Kong dollar, etc.
Recently, due to the global economic meltdown, Coinsquare took the extreme step of laying off around 30 percent of its workforce that includes the current chief operating officer and chief financial officer. As per a report, the total number of layoffs is believed to be around 40 staff members out of the previous count of 150.
Last week, Bakkt which is a digital assets platform revealed their decision of finalizing their first acquisition of futures commission merchant Rosenthal Collins Group (RCG).
Currently, XLM is ranked as the ninth-largest crypto exchange by market capitalization. As of today, the coin is trading at around $0.08 which is up by 3.5.