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Coinsquare acquires Canadian crypto exchange peer CoinSmart

Coinsquare acquires Canadian crypto exchange peer CoinSmart

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With the acquisition, Coinsquare has more than $350 million in assets.

Coinsquare, currently Canada’s oldest operating cryptocurrency exchange and one of the largest in the country, is making new expansion moves with a new acquisition.

This comes after the crypto exchange moved to acquire CoinSmart, a Canadian-headquartered digital asset trading platform, in a transaction agreed on September 22, 2022.

According to the two companies, Coinsquare has entered into a definitive agreement with a registered securities dealer to purchase all of the issued and outstanding shares of Simply Digital Technologies, a wholly owned subsidiary of CoinSmart.

This acquisition is a monumental and exciting milestone for both companies and brings together two industry-leading management teams,Coinsquare CEO Martin Piszel said.

CoinSmart founders join Coinsquare

Under the terms of the acquisition, CoinSmart will receive $3 million in cash and 5,222,222 shares of Coinsquare, valued at approximately $5.02 per share, for a total of approximately $26.2 million. In addition, CoinSmart could receive an additional increase of up to $20 million tied to revenue from the company’s SmartPay business over three years.

Once the cash and stock transaction is complete, CoinSmart will own approximately 12% of Coinsquare, and its founders, including Justin Hartzman, Jeremy Koven and Michael Koralamongst, will join Coinsquare.

CoinSmart CEO Hartzman joins Coinsquare’s management team.

The acquisition of Coinsquare’s digital asset platform strengthens its position as one of Canada’s largest crypto exchanges. The company started operations in 2014, and with this expansion, it acquires the country’s only qualified crypto escrow provider.

With a diverse product portfolio, exceptional crypto expertise and one of the largest users in Canada, the Combined Company is well positioned to execute on its aggressive expansion plans.,” Hartzman said.

In addition to adding to its growing customer base and crypto offerings, the combined company will hold $350 million in assets.

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