CaVirtex Reopens Under Coinsetter

Just two short months after closing its doors following an apparently humiliating "potential compromise," CAD-BTC exchange CaVirtex has re-opened its doors under the purview of US-based Bitcoin exchange Coinsetter. Yes, that would be Jaron Lukasiewicz's Coinsetter, he being the fellow who thought that Ripple was a good idea apparently because he had too much money on his youthful hands.

For users of the revived CaVirtex, the only visible difference is a new landing page promoting the new partnership. Once past this landing page, the excessive familiarity reveals itself in a number of now factual errors, to the point where the exchange still advertises itself as a "Canadian Corporation" and that "all voting shareholders of CAVIRTEX are Canadian" despite its most recent claims to the contrary.

Another claim that the revamped CaVirtex is making is that they've employed "the Securicoin® system," which appears to be little more than Coinsetter slang for "cold storage" even though it claims to be "Wall Street grade,"1 and that over 50% of user funds are being held in insured Xapo Vaults.2

Trading volume at CaVirtex has been slow to rekindle since trading resumed on April 8, 2015, with the website claiming a meager 372 BTC traded over the past week. This figure is to be taken with a grain of salt, however, given that CaVirtex apparently traded at least a fraction of a bitcoin for as cheaply as CAD $0.01 during the last 7 days. (cache)

No word yet on whether Coinsetter plans to honour obligations to non-voting shareholders who were stripped of 4,000 BTC when CaVirtex delisted on Havelock Investments on December 31, 2013. According to CaVirtex's delisting notice, these investors own 10% of the company. At this time, it appears they may be left out in the rain.

  1. It would seem to this author that "MPEx grade" holds more cachet, but this exchange is marketed to the masses who've never heard of such a thing. 

  2. Yes, the same Xapo that wants to pay you to play video games. 

2 thoughts on “CaVirtex Reopens Under Coinsetter

  1. To add insult to injury, they've switched to 3rd parties uservoice and AWeber for email communications. It won't be long until they repeat history and pull a Coinbase.

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