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Coinsquare is Expanding to Europe This Year. Is It Good for Non-European Traders?

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.”

Cole Diamond

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.

Girl in a jacket

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Canadian Crypto Exchange Coinsquare Prepares For European Expansion

Despite current market woes and prices lulling at a yearly low crypto exchanges and trading platforms are expanding at an unprecedented rate.

Canada’s premier crypto trading service, Coinsquare, has announced plans to expand into Europe in the fourth quarter of this year. According to the press release European customers will gain access to all of the major digital assets including Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash and Dash backed up with a secure and reliable service from the firm.

Chief Digital and Growth Officer of Coinsquare, Thomas Jankowski, said;

“Cryptocurrency investors globally want a platform they can trust. Coinsquare is a regulated, fully-compliant trading platform and we’re thrilled to offer the European market the same secure and intuitive interface that we offer to Canadians.”

Coinsquare, founded in 2014, has become one of Canada’s largest and most trusted cryptocurrency exchanges. Like Coinbase across the border in the US, it allows fiat to crypto trading for a number of different digital currencies. The move will be the first international expansion under the Coinsquare brand but not the first time the company has ventured overseas.

Last month the firm entered into a partnership in Japan with DLTa21, a global cryptocurrency investment bank. The collaboration allowed Coinsquare to open a cryptocurrency exchange for the Japanese market. Chief Executive of Coinsquare, Cole Diamond, added;

“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.”

However it was not specified which European country or countries the company would be operating in. If it follows the leads of Binance and Huobi it could choose crypto friendly Malta, Switzerland or Gibraltar which top the list of countries open to blockchain business.

Like its rivals Coinsquare continues to expand despite the bearish market of 2018. A new investment fund and portfolio manager offering a suite of products focused on emerging technologies including blockchain and cryptocurrencies was recently announced. Additionally a licensing division enabling the company to tap into regulated markets in the EU and Asia was also launched. More notably Coinsquare added XRP fiat trading to its listings a few weeks ago as part of its ‘global expansion’.

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Coinsquare Launches XRP Support Prior To Global Expansion

Coinsquare, one of the foremost cryptocurrency platforms in Canada, has just revealed support for the trading of XRP.

On Tuesday, Coinsquare took to Twitter to issue an announcement to let users know that XRP support “is now live.”

The features supported in this beta include funding your account with XRP, buying and trading XRP through fiat-to-crypto and crypto-to-crypto trading pairs. Due to the fact that this is just a beta release, users will not be able to withdraw their XRP into a third-party wallet for the time being.

However, upon the full release, the Coinsquare team expects to have withdrawals for the third-largest cryptocurrency by market capitalization enabled. The Toronto-based exchange wrote:

During the beta, you unfortunately cannot directly withdraw XRP. In order to withdraw that value, you have to exchange it to BTC, ETH, or fiat first, then withdraw. Our team is working hard to have XRP withdrawals implemented as soon as possible

As covered by The Next Web’s in-house cryptocurrency column, the support for this crypto asset has been a long time in the making, with Coinsquare originally announcing plans in January. Cole Diamond, Coinsquare’s CEO, told the Bloomberg-owned Business News Network the following.

“We’re going to be adding Ripple, we’re going to be adding Monero. We’re going to be adding other digital currencies that have their own blockchains and never did ICOs (initial coin offerings) – with the exception of Ethereum.”

However, during his appearance on the Canadian business-centric news source, he did not give a clear timeline about the integration of these assets. The firm then went quiet for months, with users starting to lose faith that this plan would eventually become a reality.

But with this most recent announcement, it has become apparent that XRP support has finally been finalized, becoming one of the first North American fiat-supported exchanges to offer XRP trading.

Other platforms, like Coinbase and Gemini, have been hesitant to introduce support for such an asset, as U.S. regulatory entities are still pondering over XRP’s status. But seeing as Coinsquare is based in Canada, there might have been more regulatory-leeway regarding this specific breed of cryptocurrencies/digital assets.

Coinsquare Eyes Global Roll-Out 

Coinsquare has been eyeing widespread expansion, ramping up their marketing campaigns in Canada, along with introducing plans for a global roll-out.

As reported by Ethereum World News, Coinsquare launched a plan to move into Japan in mid-July, collaborating with a so-called “global blockchain investment bank” to ensure that all goes to plan. The exchange’s partner, DLTa21, will work with local governments to ensure that the Coinsquare-backed Japanese exchange will be compliant with local rules and regulations.

Speaking on this collaborative move, Diamond stated:

“Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”

This all comes amidst Coinsquare’s efforts to issue an initial public offering (IPO) on the Toronto Stock Exchange, in a bid to raise $150 Million CAD. The firm pointed out that the capital raised through the sale of shares would be utilized for a further expansion into new markets, with a specific target being placed on the back of U.S. and U.K. cryptocurrency traders.

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Canada’s Coinsquare Exchange To Make Foray Into Asia

Coinsquare, a premier Canadian cryptocurrency exchange, has just announced plans to make expansions into Japan, with this move being made in collaboration with a global blockchain firm.

To make this foray into the Asian market a success, Coinsquare is joining hands with DLTa21 in a strategic partnership, which will see the two engage in collaborative efforts to ensure all goes well. For the uninitiated, DLTa21 is a “global blockchain investment bank” that has offices around the world, including in Canada and Japan.

DLTa21’s expertise in the Japanese and worldwide markets will aid Coinsquare’s aspirations to open a centralized cryptocurrency exchange based in Japan. The Canadian exchange will offer infrastructure for the proposed exchange, while DLTa21 will work with Japanese regulators to ensure the new exchange will be legitimate in the eyes of the law.

Cole Diamond, CEO of Coinsquare, gave a statement complimenting the announcement. Diamond said:

Working with a world-leading investment firm like DLTA 21 to bring a safe, secure, easy digital currency buying and trading experience to Japan is a thrilling next step in Coinsquare’s mission.

Japanese Regulatory Worries

Japan has long been held as a Bitcoin ‘capital’ if you will, hosting many great cryptocurrency experts, innovators and most importantly, investors. However, due to exchange security breaches, like the Mt.Gox and CoinCheck hacks, lawmakers have begun lay heavy hands on the exchanges based on Japan. 

The Japanese Financial Services Agency (FSA) recently announced a series of rules, namely the ban of privacy-based cryptocurrencies trading, with this rule affecting the Monero, ZCash, and Dash cryptocurrencies.

The FSA also imposed new KYC/AML requirements and a mandatory need for cold wallet solutions, ensuring that all consumer funds are kept in control of an exchange. The latter rule was deemed necessary after the Tokyo-based CoinCheck exchange lost over $500 million in NEM tokens due to wallet mismanagement. It was revealed that CoinCheck was using internet-accesible hot wallets, allowing for malicious actors to remotely access the over $500 million in funds.

Coinsquare’s Japanese exchange will be suspect to the regulatory requirements as well, as DLTa21 will be working around the clock to receive regulatory approval for the Coinsquare/DLTa21 exchange. Despite harsh regulation, Coinsquare’s CEO expects for this move into Japan to be a sucess, adding that “Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”

Coinsquare To Go Public With September IPO

This expansion plan comes amidst Coinsquare’s efforts to take the company to a public stage, applying to offer its shares on Canada’s foremost stock exchange. However, Coinsquare noted that it plans to hold an initial public offering (IPO) prior to the Toronto Stock Exchange listing, hoping to raise upwards of $120 million in funds.

The firm pointed out that the capital raised through the IPO and sale of shares would be used to further expansion into new markets, as Diamond pointed out that the U.S. and U.K. markets are currently on Coinsquare’s radar.

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Crypto Exchange Coinsquare Secures $30 Million in New Funding

Canadian cryptocurrency exchange Coinsquare has raised $30 million in new equity financing.

Announced today, the funding was led by financial services firm Canaccord Genuity. The funding, according to the company, “will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs.”

Part of that push will include hiring as many as 100 employees over the coming months, with an eye to have 200 employees working for the exchange by the second quarter of this year

Bloomberg Markets reported in January that the company is eyeing the U.S. and U.K. markets, and is also planning an initial public offering (IPO) in Canada for Sept. 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,” Cole Diamond, Coinsquare CEO, 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 include investments in cryptocurrency mining, the launch of a Trading and Arbitrage division and the creation of funds “focused on investments across the digital asset landscape” which will be called CoinCap Funds.

Image via Shutterstock

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