Coinsetter Acquires Cavirtex, Aims to Expand to North America

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Coinsetter Acquires Cavirtex, Aims to Expand to North America

Coinsetter aims to reach to customers in North America for the purpose it has acquired Canada’s CAVIRTEX. Now, the company would be operating under Coinsetter leadership which has proven track record of running a successful company. Nonetheless, Coinsetter, the global Bitcoin exchange based in New York City, also aims to acquire some more such companies.

The announcement of the acquisition of Canadian Virtual Exchange, CAVIRTEX, a major Canadian Bitcoin exchange operating since 2011, did not surprise anyone as Coinsetter for long has been sitting on cash and exploring the acquisition of some BTC companies. The acquisition is expected to help boost confidence in Bitcoin market as it is being seen as consolidation.

Thus, the acquisition not just marks the first major consolidation in the Bitcoin exchange market this year but also represents one of the largest M&A deals to take place in the burgeoning digital currency space. Coinsetter chief executive Jaron Lukasiewicz has been named CEO of CAVIRTEX, effective from the day of the acquisition.

Talking to media professionals Jaron Lukasiewicz, CEO of Coinsetter and CAVIRTEX said that Coinsetter is proud to make Canadian Bitcoiners a core focus of the company through CAVIRTEX. According to them it is the most profitable and longest-running Bitcoin exchange in Canada and going to prove an asset for the company.

Nonetheless, they also admit that together they 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. Marshall Swatt, CTO of Coinsetter also added that traders have trusted Coinsetter since 2012 to provide the best combination of high speed trading technology, ironclad security and liquid markets.

Previous account holders at CAVIRTEX and Coinsetter Eligible for Trading

According to him as they integrate Coinsetter’s CSX exchange technology into CAVIRTEX in the coming weeks; they will create an unparalleled Canadian Bitcoin exchange with low latency trade execution, margin trading and growing interaction with customers through our Toronto office. Now, CAVIRTEX is open for customers for trading.

Now, they can trade under Coinsetter’s leadership; however, both exchanges will remain open for business in their own names, sharing technology, capital, and management and banking access to maximize the value to traders.

Interestingly, previous account holders at CAVIRTEX and Coinsetter will continue to be able to use their existing login credentials at the same websites to access their accounts.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com