Crypto Exchange Coinsquare Secures $30 Million in New Funding

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Coinsquare has raised $30 million in new equity financing, which was led in part by financial services firm Canaccord Genuity. According to the cryptocurrency exchange company, they will use the funding “to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs.”

Included in their plans is to bring in an additional 100 employees in the course of the next coming months, with a target of having as much as 200 employees by the second quarter of this year. It has also been previously reported by Bloomberg Market that Coinsquare is looking at breaking through to the US and UK markets. Also in the company’s pipeline is an initial public offering (IPO) in Canada sometime in September 2018, wihch they hope to further establish their legitimacy to the eyes of investors as a reputable exchange entity.

“We’re racing, but racing to do it right,” said Coinsquare CEO Cole Diamond. “We’re going to take the old-school route as an IP to the Toronto Stock Exchange. Other plans involve including investments in cryptocurrency mining, launching a Trade and Arbitrage division, creation of CoinCap Funds which will be “focused on investments across the digital asset landscape,” and launching one new cryptocurrency on its platform per month, starting this February.

 

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