Canada’s crypto exchange landscape appears to be consolidating after Coinsquare, one of the largest digital asset trading platforms in the country, acquired CoinSmart for an undisclosed amount.
On Thursday, Coinsquare announced that it had entered into a definitive agreement to purchase all issued and outstanding shares of CoinSmart’s wholly-owned subsidiary Simply Digital. Once the deal becomes final, CoinSmart will hold a roughly 12% ownership stake in Coinsquare on a pro-forma basis.
Shares of the CoinSmart crypto exchange, which trade on the NEO Exchange, were up 67% on Friday, largely in response to the news.
The acquisition makes Coinsquare one of Canada’s largest crypto exchanges and expands its operational and business capabilities. Founded in 2014, Coinsquare has expanded its service offerings to include retail and institutional trading,