Coinsquare Takes Over StellarX Exchange

Coinsquare Takes Over StellarX Exchange

The decentralised exchange (DEX) deployed on the Stellar blockchain, StellarX, has been acquired by one of Canada’s leading trading platforms, Coinsquare.

According to a StellarX blog post, the move secures regulatory guidance from Coinsquare who not only list the Bank of Montreal as a business partner but also “have very close relationships with regulators in the U.S.,Europe, and Canada.”

Zero-Fee Peer-to-Peer Trading

Designed by InterStellar and launched in September last year, StellarX provides zero-fee trading on a peer-to-peer basis thanks to Stellar’s unique consensus mechanism that does not require gas fees to operate.

InterStellar themselves were formed through an amalgamation of San Francisco-based Chain Inc and the Lightyear Corporation who are the commercial arm of the Stellar Development Foundation (SDF).

With most of the original StellarX team still onboard, the move is not expected to alter the DEX’s published roadmap but rather enhance it with new features such as “…new fiat tethers and securities tokens.”

Coinsquare appear to be supporters of the Stellar blockchain as they recently acquired BlockEQ, producers of mobile and desktop Stellar wallets available through the Google and Apple stores, and it is BlockEQ’s co-founder Megha Bambra who will now be in charge of growing StellarX.

It is envisaged that the new structure will cement StellarX as “a cornerstone utility for the network” that will aid in the development of the Stellar blockchain and ecosystem as whole.