CRYPTO NEWS: COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART.

COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART
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TO DEVELOP ONE OF THE BIGGEST CRYPTOCURRENCY TRADING PLATFORMS IN CANADA, COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART.

A DEFINITIVE AGREEMENT DATED SEPTEMBER 22, 2022 (THE “PURCHASE CONTRACT”) WAS SIGNED BY COINSQUARE AND COINSMART FINANCIAL INC. (COLLECTIVELY, “COINSMART”) FOR THE PURCHASE OF ALL ISSUED AND OUTSTANDING SHARES OF COINSMART’S WHOLLY-OWNED OPERATING SUBSIDIARY SIMPLY DIGITAL TECHNOLOGIES INC. (COLLECTIVELY, “SIMPLY DIGITAL”), WHICH OWNS AND RUNS THE COINSMART TRADING PLATFORM.

COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART:

COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART
COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART

BY THIS PURCHASE AND COMBINATION, COINSQUARE EXPANDS TO BECOME ONE OF CANADA’S LEADING CRYPTO ASSET TRADING PLATFORMS, WITH A VARIED AND COMPLIANT OFFERING ACROSS A RANGE OF BUSINESS LINES, INCLUDING INSTITUTIONAL AND RETAIL TRADING, CRYPTO PAYMENT PROCESSING, AND CUSTODY OF DIGITAL ASSETS. COINSMART WILL HOLD A PRO FORMA 12% OWNERSHIP POSITION IN COINSQUARE FOLLOWING THE TRANSACTION’S CONCLUSION, AND THE BUSINESS WILL BENEFIT FROM SIGNIFICANT COST AND REVENUE SYNERGIES THROUGH CROSS-SELLING OPPORTUNITIES AND COST REDUCTION.

AS A DEALER AND MARKETPLACE MEMBER OF THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC), COINSQUARE IS NEARING CLEARANCE TO BECOME THE FIRST CRYPTOCURRENCY ASSET TRADING PLATFORM IN CANADA.

A SIGNIFICANT AND EXCITING MILESTONE FOR BOTH ORGANISATIONS, “THIS PURCHASE BRINGS TOGETHER TWO MANAGEMENT TEAMS WHO ARE LEADERS IN THEIR RESPECTIVE INDUSTRIES.” COINSQUARE CEO MARTIN PISZEL SAID. A SIGNIFICANT AMOUNT OF DISRUPTION IN THE BITCOIN BUSINESS IS BEING CAUSED BY REGULATORS CREATING A ROADMAP FOR PLATFORMS TO OPERATE IN CANADA. THIS HAS RESULTED IN AN EVER-RISING COST STRUCTURE AND INCREASED DIFFICULTY IN RUNNING A PROFITABLE CRYPTO EXCHANGE. WE BELIEVE THAT SIZE AND OPERATIONAL EFFECTIVENESS ARE IMPORTANT, AND WE ARE IN A GREAT POSITION TO DEFINE THE MARKET IN CANADA.

PRINCIPAL BENEFITS OF THE TRANSACTION:

CANADA’S POPULAR CRYPTOCURRENCY MARKETPLACES: THE MERGED ENTITY, WITH A USER BASE OF OVER 1 MILLION, WILL HAVE TRANSACTED MORE THAN $10 BILLION IN CRYPTO SINCE JANUARY 2018.

ALTERNATIVE PLATFORMS FOSTERING SYNERGIES

CROSS-SELLING POSSIBILITIES AND COST REDUCTION CAN RESULT IN SIGNIFICANT COST AND REVENUE SYNERGIES.

UTILIZE COUPLED TECHNOLOGIES TO OPTIMISE THE TECH STACK AND HASTEN THE RELEASE OF NEW FEATURES, FUNCTIONS, AND PRODUCTS.

NEW BUSINESS LINES HAVE BEEN ADDED TO THE COINSQUARE PORTFOLIO, NAMELY SMARTPAY, WHICH MAKES IT SIMPLE TO ACCEPT CRYPTOCURRENCY PAYMENTS BY CONVERTING IT TO CASH AND PROVIDING SAME-DAY PAYOUTS.

ENHANCED EDUCATION PORTAL: WITH COINSMART’S GET SMART HUB, THE COMMUNITY WILL HAVE A RELIABLE SOURCE FOR INFORMATION AND LEARNING RESOURCES ABOUT CRYPTOCURRENCIES, MAKING LEARNING SIMPLE AND AVAILABLE TO EVERYONE.

ACCORDING TO COINSMART CEO JUSTIN HARTZMAN, “THIS IS A GREAT DAY FOR EVERY ONE OF US AT COINSMART.” “I WOULD NOT BE MORE PROUD OF WHAT WE HAVE ACHIEVED AS OF NOW. WE ARE THRILLED TO HAVE BEEN PARTNERING THE COINSQUARE TEAM TO ESTABLISH ONE OF THE LARGEST REGULATED CRYPTO ASSET TRADING PLATFORMS IN CANADA. THE MERGED FIRM WILL BE WELL-POSITIONED TO PURSUE ITS AGGRESSIVE EXPANSION GOALS THANKS TO A DIVERSE PRODUCT PORTFOLIO, GREAT CRYPTO TALENT, AND ONE OF THE LARGEST USER BASES IN CANADA. WHEREAS THE CRYPTOCURRENCY MARKET IS STILL IN THE DEVELOPMENT PHASE OF ITS LIFE CYCLE, THIS TRADE WILL PROVIDE IT THE ENERGY IT NEEDS TO BE WELL-POSITIONED FOR THE UPCOMING PRICE SURGE.

REGARDING COINSQUARE:  

A PRIVATE FIRM INCORPORATED IN CANADA, COINSQUARE WAS ESTABLISHED IN 2014 AND OFFERS ITS USERS A DIGITAL PLATFORM DESIGNED TO CREATE A RELIABLE, SAFE, AND KNOWLEDGEABLE INTERFACE FOR TRADING DIGITAL ASSETS. OVER 500K CANADIANS USE COINSQUARE TO TRADE DIGITAL ASSETS, MAKING IT THE OLDEST COMPANY OF ITS KIND IN THE COUNTRY. TO DATE, COINSQUARE HAS SUCCESSFULLY COMPLETED TRADES WORTH MORE THAN $8 BILLION AND HAS SECURED MORE THAN $100 MILLION IN FINANCING.

COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART
COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART

REGARDING COINSMART: 

COINSMART IS A WELL-KNOWN CRYPTOCURRENCY ASSET TRADING PLATFORM WITH A CANADIAN BASE THAT AIMS TO GIVE USERS AN EASY WAY TO PURCHASE AND SELL DIGITAL ASSETS LIKE BITCOIN AND ETHEREUM. ONE OF THE FEW EXCHANGES FOR DIGITAL ASSETS IN CANADA THAT HAS REGISTERED AS A MARKET PLACE WITH THE ONTARIO SECURITIES COMMISSION IS COINSMART. AT A TIME WHEN THE MARKET FOR DIGITAL ASSETS IS STILL EXPANDING QUICKLY, COINSMART IS ALSO ONE OF THE FIRST CANADIAN-BASED TRADING PLATFORMS TO HAVE AN INTERNATIONAL PRESENCE, SERVING CONSUMERS FROM MORE THAN 40 NATIONS.

BY OFFERING TRAINING MATERIALS CATERED TO EVERY LEVEL OF CRYPTOCURRENCY EXPERTISE AND UNRIVALLED 24/7 OMNICHANNEL CUSTOMER SERVICE, COINSMART FURTHER ADVANCES ITS OBJECTIVE TO MAKE CRYPTOCURRENCIES ACCESSIBLE. BY PROVIDING OVER-THE-COUNTER PREMIUM SERVICES, INSTANT VERIFICATION, INDUSTRY-LEADING COLD WALLET STORAGE, COMPREHENSIVE CHARTING WITH ORDER BOOK CAPABILITIES, AND OTHER SERVICES, COINSMART GUARANTEES THAT EVERY CLIENT’S NEEDS ARE ADDRESSED WITH THE UTMOST CARE AND PROFESSIONALISM.

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CRYPTO NEWS: COINSQUARE ANNOUNCED THE ACQUISITION OF COINSMART.

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