Coinsquare, which owns the title of one of the largest cryptocurrency companies currently in Canada, has set their sights on a new investment. In an official public statement given back in September of 2017, they announced that they were dishing out around $120 million to fund an overseas expedition.
They also made it quite clear that they have plenty more plans and no intention of stopping when it comes to spreading their influence. Cole Diamond, chief executive over at Coinsquare, told the public listening in that ideally, they would be able to touch down in the United States and the United Kingdom’s market soon, as early as the second financial season, according to Diamond. When asked how they would be able to spread out, Diamond told the audience that he believed Coinsquare would rival Coinbase in terms of competition as early as the end of 2018.
Coinsquare has a particular way that they want to accomplish this. They will be selling their shares through the Toronto Stock Exchange via IPO. This will put them ahead of the multiple cryptocurrency companies that have used a work around to get on Canada’s TSX Venture Exchange list. They have been able to make the list in recently thanks to the use of reverse takeovers. Reverse takeovers, also known as RTO’s, do not require the companies to get a reviews about their security practices that are usually required when the exchange uses IPOs. This shortcut, although making things easy to get on the list, have also allowed stock promotion, marked disclosures, and a certain volatility.
When Diamond was faced with the question on whether or not Coinsquare would be using this work around attitude, which would be a significantly cheaper and faster option for the company, he denied it ardently.
Diamond then elaborated, saying that crypto currencies using the RTO shortcut often engage in shady transactions, which have burned the public in the past. He also commented that if there were to be complete transparency and trust between Coinsquare and the public, they would accomplish that via IPO. Even with its strict requirements, it would be worth it.
Taking the IPO road and using it on the Toronto Stock Exchange may take the extra time, but Coinsquare is working as fast as they can to make sure everything is handled correctly, Diamond went on to say.
Coinsquare also has plans in the works to offer a spot on its platform to on-the-rise transaction company Ripple, which is one of the biggest cryptocurrency companies in 2017. This deal would take effect in February, and will involve the launching of a new digital currency for each month. Trading of Litecoin, Bitcoin, Bitcoin Cash, Dogecoin, Squarecoin, Dash, and Ethereum are currently supported by Coinsquare.
There is no lack of cryptocurrency exchanges popping up these days. Big name investors rush to the crypto market after hearing tales of the gains of cryptocurrency such as Bitcoin. But there has also been multiple hacks and disruptions when it comes to digital currency. Just ask Mt. Gox, who was forced to file for bankruptcy way back in 2014 after a hacker stole a significant portion of their clients’ bitcoins.
Coinsquare assures potential investors that their money is safe by storing over 98% of their assets in a cold storage. A cold storage is essentially a multitude of offline servers which prevent hackers and thefts.
