StellarX, a zero-commission decentralized cryptoasset exchange (DEX) deployed on the Stellar (XLM) blockchain network, has reportedly been acquired by Coinsquare, one of the largest digital asset trading platforms in Canada.
StellarX has a new home! Read more:https://t.co/Ag1kLbLnWX
— StellarX (@stellarxhq) February 14, 2019
Announced Thursday, February 14, the acquisition was made in order to help StellarX comply with regulatory standards. As an established crypto exchange, Coinsquare’s management will be guiding StellarX’s developers in implementing appropriate measures – so that the new DEX can reach its full potential.
StellarX Developed By InterStellar
Commenting on the acquisition deal, StellarX’s management team remarked:
Coinsquare is the perfect fit. They are already the leading Canadian cryptocurrency platform. They have very close relationships with regulators in the US, Europe, and Canada. The Bank of Montreal is their banking partner.
After successfully completing its beta testing stage last year, StellarX, a cryptoasset marketplace gateway, was officially launched in late September 2018. As covered, StellarX was developed by InterStellar, which is a business entity formed through an acquisition of Chain, Inc. by the Stellar Development Foundation-associated Lightyear Corporation.
Prior to the acquisition, Chain Inc. operated as a tech firm specializing in the development of cloud-based blockchain platforms for conducting financial transactions. Meanwhile, the Lightyear Corporation is a for-profit organization that manages products and services created using the Stellar protocol. As Ripple (a real-time gross settlement system) protocol’s primary competitor, the Stellar protocol defines the specification of crypto-to-fiat cross-border transfers involving any pair of currencies.
Wallet Co-Founder To Lead Development Efforts
According to the announcement related to StellarX’s acquisition, the developers of the Stellar protocol-based marketplace will continue to focus on the project’s ongoing development. The StellarX team will also be working closely with members of the Stellar Development Foundation (SDF).
Megha Bambra, the co-founder of BlockEQ, a private Stellar wallet, will be leading the development efforts for StellarX under Coinsquare’s management. As mentioned in the StellarX team Medium blog post, the digital asset marketplace will add more “securities tokens” and “fiat tethers.”
Moreover, “almost all the original StellarX team [members] will be moving to SDF”, the post noted. While working at SDF, the group “will build new products on Stellar and improve Stellar’s developer experience”, the announcement stated. Additionally, the blog post mentioned that the SDF “will work with Coinsquare to ensure that StellarX continues to prioritize the full scope of the network’s interests over the interests of any one particular stakeholder.”