New-York based Coinsetter will revive Canadian Virtual Exchange, which shut down in March after a security breach.
The deal, the first merger in the growing bitcoin exchange market, was rumoured to have reached $2 million. Coinsetter CEO Jaron Lukasiewicz, who will take on the same role at Cavirtex, told Reuters that the transaction was an all-stock deal, but did not give the total value.
“We saw a lot of assets in Cavirtex not only in terms of entering the Canadian market, but being a leader in it,” he said. “But probably the most important asset was the exchange’s compliance-approved domestic bank account in Canada.”
“(We) will create a … Canadian bitcoin exchange with low latency trade execution, margin trading and growing interaction with customers through our Toronto office,” added Coinsetter CTO Marshall Swatt.
The Canadian exchange shut down in March after hackers targeted Cavirtex’s security information, including password hashes.
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