Crypto Exchange Coinsquare Raises $30M USD in Fundingbr>
Canadian crypto exchange Coinsquare has raised $30 million in a new equity financing led by Canaccord Genuity Corp.
Coinsquare is one of Canada’s biggest digital currency exchanges for popular cryptocurrencies. It supports bitcoin, Bitcoin Cash, ethereum, Litecoin, Dash and Dogecoin. Coinsquare stores 98% of the company’s assets offline.
The company said the funding will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs. The company currently employs 90 staff members, but is looking to expand to over 200 total employees by the end Q2 2018.
To lead this growth, Coinsquare has recruited financial veterans to join its executive team. Ken Tsang joins as the new CFO after working at BMO as a VP in the office of strategic management. Robert Mueller is Coinsquare’s new COO, coming from Tulip Retail. He was the VP of finance and helped to raise Tulip’s recent $50 million financing round. Lewis Bateman, hired as CBO, brings a wealth of experience with more than 20 years in banking and finance.
Last month, Coinsquare announced that it was targeting about $120 million in an initial public offering (IPO) to help finance an overseas expansion. It plans to sell shares through an IPO on the main Toronto Stock Exchange in September. The company hopes its IPO will serve to establish the exchange as a reputable entity in the eyes of investors.
Expansion plans include: a strategic investment in existing digital currency mining operations, including its own; the launch of CoinCap Funds, a group of funds focused on investments across the digital asset landscape; and a planned Trading and Arbitrage division to take advantage of cross exchange opportunities, as well as to hedge coin and currency exposures.
“Coinsquare believes that every country should have a digital currency platform tailored to the needs of their market,” the company said in a statement. “Accordingly, Coinsquare’s global growth strategy is to white label and license its technology to proven operators in markets around the world.”