Cavirtex to resume trading following Coinsetter acquisition

Cavirtex, one of the leading bitcoin exchanges in Canada, is expected to restart its services following its acquisition by Coinsetter, a New York-based trading platform. The acquisition will enable both the exchanges to function under their own names but share technology and capital, along with banking access.

The news comes as a surprise to many as Cavirtex announced last month that it was planning to shut down its operations following a breach that compromised security information including password hashes.

Jaron Lukasiewicz, now CEO of both Coinsetter and Cavirtex, said appropriate measures have been taken to prevent the possibility of any other breach in the future.. He added:

"No customers have been financially affected by a compromise ... We feel strongly about our ability to protect customer funds and will keep minimal funds in hot wallets."

He said that he intends to bring members of the old Cavirtex team into the new exchange, although it is uncertain as to how many will actually remain, and said:

"I'm excited to place a core focus on Canadian customers and believe Cavirtex provides important infrastructure to be successful in this market. We are the only bitcoin exchange with an approved domestic bank account in Canada, and we will be integrating Coinsetter's trading technology to provide an unmatchable bitcoin exchange for Canadians."