Coinsquare Acquires Decentralized Crypto Exchange StellarX


StellarX, a zero-fee DEX built on the Stellar (XLM) blockchain with an industry-first fiat on-ramp, announced Thursday that it has been acquired by Coinsquare, the biggest crypto exchange in Canada.

According to the announcement, StellarX opened up for acquisition in order to join an organization with the regulatory experience to help the exchange reach its full potential, especially since that the exchange is focused on allowing users to conduct ACH transactions directly from U.S. bank accounts.

“Coinsquare is the perfect fit,” said the StellarX team. “They are already the leading Canadian cryptocurrency platform. They have very close relationships with regulators in the U.S., Europe, and Canada. The Bank of Montreal is their banking partner.”

StellarX, a product of the combination of¬†Chain¬†and¬†Lightyear, offers similar user control to its Ethereum blockchain competitors, including¬†IDEX and EtherDelta. However, unlike these DEXs, StellarX pays all network fees due¬†to its unique consensus mechanism that does not require “work” or “stake.”

Moving forward, the main StellarX team will be joining Stellar to continue its development efforts while former BlockEQ co-founder, Megha Bambra, will lead the development efforts for StellarX under Coinsquare.

After a transition period, Megha and her team will continue building out the exchange. They are a particularly strong mobile team, and we expect greatness from the coming StellarX mobile app. In time, they will also add many things that weren’t possible under StellarX‚Äôs previous regime: new fiat tethers and securities tokens.

More: StellarX Is Acquired By Coinsquare

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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