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.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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