CoinSquare has entered into an agreement with CoinSmart to acquire all the issued and outstanding shares of Simply Digital Technologies Inc – the entity that operates CoinSmart.
Summary
- CoinSmart will hold a ~12% ownership stake in Coinsquare.
- CoinSmart's executives will hold key positions in the company.
- The main benefits of this acquisition include
- A combined user base of >1 million.
- Total transactions exceeded $10 billion.
- Significant revenue via cross-selling opportunities and cost rationalization.
"Today is an exciting day for all of us at CoinSmart. We are thrilled to be working alongside the Coinsquare team to build one of the largest regulated crypto asset trading platforms in Canada and I could not be more proud of what we have accomplished so far. With a diversified product suite, exceptional crypto talent, and one of the largest user bases in Canada, the combined company will be well-positioned to pursue its aggressive expansion plans. While the crypto market is in the building phase of its life cycle, this transaction will provide the torque needed to be in a favorable position entering the next bull run."
CoinSmart CEO Justin Hartzman