Coinsquare, the most important cryptocurrency exchange in Canada, announced a few days ago its decision to expand its reach into European territory. The news was made public via a publication by Finance Magnates, a news portal focused on economics and business.
According to Cole Diamond, Coinsquare’s CEO, the opening of the exchange to the European market could be a game changer for their business model, as they wish to be a global company in the near future.
“Entering on a massive market like the EU is an exciting step closer to Coinsquare’s vision of becoming a global 21st century financial institution. Already the premier cryptocurrency exchange in Canada, we are careful in how we expand internationally to ensure we can offer the same high quality, secure service in every country we operate.”
The Canadian company has performed well despite its narrow focus. At least 5 billion dollars a year and more than 100,000 customers demonstrate the success and popularity of the company.
How Does It Affect Non-Europeans?
Crypto trading has two fundamental factors that play a role in how a market performs: the price of the token and the volume of trading.
Graph showing Bitcoin’s Price and Volume on Bittrex. Price means how much people were paying for 1 BTC. Volume shows how many people were trading at a specific price point. For every buyer there is a seller, so Volume helps understanding how a market behaves. Graph: Tradingview
The expansion of Coinsquare into Europe has great potential to increase the trading volume of various cryptocurrencies significantly.
Even if a person does not have his or her tokens on this exchange, the markets will have a “chain reaction” to important events. The trading volume that Coinsquare already handles, as well as the solidity that its name represents in the American market, could stimulate a new wave of traders towards this new platform, thus increasing the value of the listed cryptos in the global market cap.
The exchange expects to offer a wide range of tokens options for crypto trading including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP, Dogecoin, and Dash; as well as cold storage options for greater security.
This could potentially mean an increase in the price not only of Bitcoin but also of these altcoins that are currently among the most important of the global market cap. The increase in volume, as well as higher market exposure to these altcoins, could be beneficial to the ecosystem as a whole.
Next Stop: Coinsquare Asia
After settling in Europe, the directors of Coinsquare do not seem to be satisfied and have already confirmed their plans to expand to the Asian continent. Japan is their primary target.
In order to enter the Japanese market, the exchange is working on a strategic partnership with blockchain investment bank DLT a21; a business move that would allow the exchange to work in a secure environment and comply with local laws after a series of hacks and scams that significantly complicated the establishment of crypto-related fintechs on the island.
Being Japan one of the largest markets in the world, it is possible that the establishment of Coinsquare as a legitimate exchange may not only be beneficial for hodlers and traders but may also generate a positive image of crypto-trading in the public and government agencies, contributing not only to a necessary facelift for the “crypto culture” but also to the rigid positions of current governments.
There are still no specific dates for these announcements, but Coinsquare is actively working on this expansion plan.