New York based global Bitcoin exchange Coinsetter recently assumed the possession of CAVIRTEX, another Bitcoin exchange from Toronto that ceased business operations earlier this year.
The acquisition marked one of the first major consolidationa between two big companies in the ever-growing digital currency space. It particularly came as good news for CAVIRTEX customers who will now be able to resume their trading operations on one of the most reliable Bitcoin exchanges Canada has ever seen.
Coinsetter’s New Role in Canadian Bitcoin Market
The details of the deal between Coinsetter and CAVIRTEX were elaborated neatly in their press release. As per the consent of both the companies, the acquirer (Coinsetter) will effectively lead the target firm (CAVIRTEX) without moderating each others’ brand names. The former will also employ its technology stack, including its advanced security standards and practices into the latter’s existing working model, therefore enabling the customers to enjoy the same old services with slightly better features.
Strong Growth Expected
It also gives an opportunity to Coinsetter to expand its growth inside the Canadian markets without breaking a sweat. For CAVIRTEX, which earlier decided to shutdown amid an unfavorable business environment, the deal will simply shift their concerns on the shoulders of its acquirer which, like mentioned above, has assumed full leadership of the exchange.
The agreement also assigned Coinsetter chief executive Jaron Lukaiewicz as the CEO of CAVIRTEX. He openly admired the Canadian Bitcoin exchange for surviving a tough business climate and still being the “most profitable and longest running Bitcoin business” in the TRUE NORTH.
“Together,” he said, “we are making history, combining talent and resources to give clients an unparalleled BTC-CAD trading experience with a wide range of domestic bank transfer options, including a full banking relationship in Canada.”
Stiff Banking Relationships
Notably, having stiff relationships with Canadian banks was one of the major reasons cited in CAVIRTEX bid adieu a few months back. But with Lukaiewicz stressing strongly on the same factor in his comments, it seems the Wall Street firm has already fixed this issue to continue Bitcoin trading operations smoothly.
This article will be updated soon with comments by a Coinsetter representative.
