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TWG Portfolio Company BlockEQ Acquired by Coinsquare

Coinsquare acquisition adds support for peer-to-peer payments using BlockEQ’s Stellar wallet.

Exciting news for former TWGers Megha Bambra and Satraj Bambra alongside their partner Jon Lister. The team founded BlockEQ nine months ago (proudly supported by an investment from TWG) and were just acquired by TWG client Coinsquare for $12M.

BlockEQ is an iOS and Android native crypto wallet and exchange based on the Stellar network that designed for very fast and ultra low-cost payments. Currently the BlockEQ app supports trading of Stellar’s native token, Lumens (XLM), but in the coming weeks will support Bitcoin, Ether and Litecoin, with Dash, Monero and ERC-20 tokens coming later in the year. The Coinsquare acquisition supports a significant medium-term goal for BlockEQ, which is to establish itself as the de-facto ‘anchor’ for Canadian dollar exchange on the Stellar network.

Anchors are key to the widespread adoption of Stellar as a payment platform, as they act as the bridge between traditional ‘fiat’ currency (dollars, euros etc.) and crypto tokens. To be able to transact in fiat currency at a meaningful scale typically requires the backing of a large bank, which Coinsquare recently secured.

The TWG connections on this one run deep. Megha and Satraj became TWG employees in 2016 when TWG acquired their mobile dev shop B House, and TWG invested in (and provided office space to) BlockEQ when the startup to launched earlier this year. As it happens, Coinsquare is also a company TWG made an early investment in. TWG also build Coinsquare’s initial iOS and Android apps and redesigned their web trading platform in 2017.

Coinsquare, headquartered in Toronto, is Canada’s premier cryptocurrency trading platform for trading Bitcoin, Ethereum, and other cryptocurrencies. BlockEQ, which has grown to a team of six, relocated last week to their new home at Coinsquare’s King and Portland office.