Coinsquare Acquired StellarX Zero-Fee Decentralized Payment Network

One of the largest and most popular Canadian crypto exchanges Coinsquare, has announced the acquisition of the Stellar-based zero fee decentralized payment network-StellarX according to an official press release that reached our altcoin news today.

The announcement states that Bermuda-based StellarX will be a fully owned subsidiary of the Canadian Coinsquare and will need further regulatory approval in order to operate and provide services under Coinsquare’s compliance. The new acquisition comes after Coinsquare’s purchase of the private Stellar wallet BlockEQ back in December 2018 according to the press release writings. The company is expected to be rebranded to become the primary wallet for the StellarX platform.

The co-founder of BlockEQ Megha Bambra will lead StellarX and will also continue to work on product roadmap development that was first announced in 2018. First announced in July 2018, StellarX started its full operation on September 28 last year and the company allowed users to deposit fiat money from their bank accounts directly as well as digital token lists for multiple fiat currencies such as the Hong Kong dollar, the euro, the British pound and Chinese Yuan.

During the harsh bear market, Coinsquare laid off about 30 percent of its employees including their chief financial officer and chief operating officer where the number of layoffs reached up to 40 staff members.

Currently, Stellar (XLM) is on number nine by market capitalization up to $1.6 billion up to this day. The coin is trading at about $0.08 which shows a 3 percent increase over the past 24 hours.