Canadian cryptocurrency exchange Coinsquare has purchased payment network StellarX.

Financial terms of the deal were not revealed.

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The acquired entity is a decentralised exchange, offering users sole custody of their funds. The exchange has no access to users’ funds.

Coinsquare buys StellarX

StellarX will now become a wholly-owned subsidiary of Coinsquare, headquartered in Bermuda, and plans to apply for a licence to operate in the region.

However, StellarX will retain its existing brand.

BlockEQ, which Coinsquare snapped up last December, will now be renamed and serve as the anchor wallet for StellarX.

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BlockEQ cofounder Megha Bambra will spearhead the acquired business.

Coinsquare CEO Cole Diamond said: “We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key.

“Stellar is the fastest payment network in the world and we see enormous potential to create industry leading services on StellarX to further broader adoption”.

The latest move comes shortly after Coinsquare’s downsizing exercise, which resulted in 40 job cuts.

The deal comes a year after Canaccord Genuity’s investment of around $30m in Coinsquare.

“The most recent round of funding will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs,” Coinsquare said at the time.