Coinsquare Announces Acquisition of CoinSmart to create one of the largest crypto trading platforms in Canada

TORONTO, ONTARIO, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Coinsquare, Canada's leading crypto asset trading platform, announced today that it has entered into a definitive agreement dated September 22, 2022 (the "Purchase Agreement") with CoinSmart Financial Inc. ("CoinSmart") to acquire all the issued and outstanding shares of its wholly-owned operating subsidiary Simply Digital Technologies Inc. ("Simply Digital"), which owns and operates the CoinSmart trading platform. With this acquisition and integration, Coinsquare becomes one of Canada's largest crypto asset trading platforms with a diversified and compliant offering across various business lines including both retail and institutional trading, crypto payment processing, and digital asset custody. Following the completion of the transaction, CoinSmart will hold approximately ~12% ownership stake in Coinsquare on a pro-forma basis, and the company will enjoy material revenue and cost synergies via cross selling opportunities and cost rationalization. Coinsquare is in the final stages of approval to become Canada's first crypto asset trading platform regulated as an Investment Industry Regulatory Organization of Canada ("IIROC") dealer and marketplace member. "This acquisition represents a monumental and exciting milestone for both companies and brings together two industry leading management teams." Said Coinsquare, CEO Martin Piszel. "The cryptocurrency market is going through immense change with regulators defining a roadmap for platforms to operate in Canada. This has led to an ever-increasing cost structure and additional complexity in operating ...Full story available on Benzinga.com