Canadian cryptocurrency exchange Coinsquare has raised $30 million in equity financing.
Announced just recently, the funding was steered by financial services firm Canaccord Genuity. The funding, according to the firm, “will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs.”
“We have seen tremendous investor confidence in the Coinsquare business model, having raised a total of $47.3 million in just over four months – notable for this industry,” said Cole Diamond, the CEO of Coinsquare.
“We take a very different view than your typical digital currency trading platform. Virgile Rostand, Coinsquare’s Founder, was an early industry pioneer and blue-chip banking industry veteran. He built a custom platform that is unrivaled in Canada, boasting extremely high security standards.”
Part of that push would include hiring a workforce of as many as 100 employees in the next few months, with a goal of having 200 employees working for the exchange by the second quarter of this year
Bloomberg Markets reported in January that the firm is looking at the U.S. and U.K. markets, and is also preparing an initial public offering (IPO) in Canada for September 2018. Coinsquare hopes its IPO will serve to establish the exchange as a reputable entity in the eyes of investors.
“We’re racing, but racing to do it right. We’re going to take the old-school route as an IPO to the Toronto Stock Exchange,” Diamond was quoted as saying.
Diamond also said that the exchange plans to launch one new cryptocurrency per month on its platform starting in February.
Coinsquare said its expansion plans also contain investments in cryptocurrency mining, the launch of a Trading and Arbitrage division and the generation of funds “focused on investments across the digital asset landscape” which will be dubbed CoinCap Funds.
