Coinsetter buys Canadian bitcoin exchange Cavirtex

Coinsetter buys Canadian bitcoin exchange Cavirtex

Cavirtex, a Canadian bitcoin exchange forced to shut down last month in the wake of a security breach, has won a reprieve after being acquired by American counterpart Coinsetter.

Launched in 2011, Cavirtex was forced to pull down the shutters in March after its databases were compromised, putting password hashes and two-factor authentication details at risk.

But now, following the all-stock Coinsetter deal which according to Reuters is valued at around $2 million, the platform has reopened for business, operating under its own name.

Cavirtex will move to employ Coinsetter’s technology stack, and incorporate its "advanced security standards and practices," says a statement. Coinsetter CEO Jaron Lukasiewicz and CTO Marshall Swatt will assume the same roles at the Toronto-based firm.

Says Swatt: "As we integrate Coinsetter’s CSX exchange technology into Cavirtex in the coming weeks, we will create an unparalleled Canadian bitcoin exchange with low latency trade execution, margin trading and growing interaction with customers through our Toronto office."

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