Coinsetter Acquires and Reopens CAVirtex

US-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term has acquired CAVirtex and will reopen it for trading.

CAVirtex is a Canada-based bitcoin exchange that earlier this year, announced plans to shut down on March 20. The exchange said it had suffered a number of security related incidents, and although no client funds were lost, it stated that "the damage to the company’s reputation caused by the potential compromise will significantly harm" its ability to operate successfully.

Under the new arrangement, both Coinsetter and CAVirtex will continue to operate as separate brands and users will access services through the separate websites. The exchanges will be sharing, however, technology, capital, management and banking access in order to streamline operations.

Figures were not disclosed as to the value of the deal.

The deal represents a bit of a boost for the state of bitcoin exchanges in Canada. CAVirtex joined Vault of Satoshi in announcing its closure earlier this year. However, two other Canadian bitcoin exchanges have since announced plans to go public, suggesting that the local industry is not doomed, rather moving toward consolidation.