Coinsquare Purchases its Competitor CoinSmart

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Canada-based trading platform Coinsquare has announced it has acquired the public cryptocurrency exchange CoinSmart.

After the transaction is completed, the exchanges will merge. The newly-formed company will be “one of the largest cryptocurrency trading platforms in Canada.”

The transaction will bring the total assets under management of the exchange to 350 million Canadian dollars or about $257 million, the audience of the new platform will reach one million users.

CoinSmart shares immediately soared 100% to 0.32 Canadian dollars after the news was known.