Briefing

Coinsquare exchange acquires BlockEQ cryptocurrency wallet for $12 million

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The deal will give Coinsquare users access to Stellar—the blockchain-based payment network that BlockEQ runs on—which lets users exchange fiat currencies for virtual ones to send money across borders. BlockEQ will remain its own entity, operating as a subsidiary of Coinsquare. (Globe and Mail)

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Talking point: The acquisition—Coinsquare’s first—signals heightened competition with rival Coinbase to become the top crypto-based financial institution. While the company started as a trading platform in 2014, it now has a portfolio and investment fund management division, a back-end service that lets other companies launch their own trading platforms using Coinsquare and a crypto-mining business in Quebec. After a generally bad year for crypto, though, not everyone in the business is faring so well: on Thursday, ConsenSys, a blockchain software developer, confirmed a 13 per cent staff cut.