In an official press release on Thursday, Coinsquare, a leading Canadian crypto firm, confirmed that the company has signed a definitive agreement to acquire CoinSmart. Through the acquisition, Coinsquare aims to become one of the largest crypto asset trading platforms in Canada.
The combined company will have more than $350 million in assets under custody. The consideration for the acquisition includes cash and common shares of Coinsquare. Once the transaction is completed, CoinSmart will hold almost 12% of the issued and outstanding shares of Coinsquare.
“Today is an exciting day for all of us at CoinSmart,” said CoinSmart’s CEO Justin Hartzman. “We are thrilled to be working alongside the Coinsquare team to build one of the largest regulated crypto asset trading platforms in Canada and I could not be prouder of what we have accomplished so far. With a diversified product suite, exceptional crypto talent, and one of the largest user bases in Canada, the combined company will be well-positioned to pursue its aggressive expansion plans. While the crypto market is in the building phase of its life cycle, this transaction will provide the torque needed to be in a favorable position entering the next bull run.”
Canada’s Crypto Ecosystem
Canada is one of the most popular regions among leading crypto firms. In August 2022, Crypto.com, a prominent digital asset trading platform, confirmed that the Ontario Securities Commission (OSC) granted the company a pre-registration undertaking for operations in the region.
Martin Piszel, Coinsquare’s Chief Executive Officer, believes that the latest acquisition is a “monumental milestone” for both companies.
“We are excited to work together to shape how the crypto industry in Canada grows and evolves, and together we will be able to offer our clients the most innovative and secure products backed by the highest standards of regulation in the industry,” Piszel said.