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Canadian crypto exchange Coinsquare to buy rival CoinSmart

Canadian crypto exchange Coinsquare to buy rival CoinSmart

Canadian crypto exchange Coinsquare is set to buy rival CoinSmart Financial in a deal worth around C$29 million in cash and shares.

The two firms have inked a definitive agreement, creating one of Canada's biggest crypto exchanges with over $350 million in assets under custody and a userbase of more than a million.

Privately-held Coinsquare will pay $3 million in cash and issue 5,222,222 shares to publicly-traded CoinSmart to buy the latter's operating subsidiary Simply Digital Technologies. CoinSmart will hold approximately 12% ownership in Coinsquare on a pro-forma basis.

CoinSmart co-founders Justin Hartzman, Jeremy Koven, and Michael Koral will join Coinsquare. Hartzman will join the executive team and CoinSmart will be entitled to a nominee to join the Coinsquare board.

Says Hartzman: "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 favourable position entering the next bull run."

Coinsquare is in the final stages of its approval to become Canada's first crypto asset trading platform regulated as an Investment Industry Regulatory Organization of Canada dealer and marketplace member.

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