Canadian cryptocurrency exchange Coinsquare has raised $30 million in new equity financing led by Canaccord Genuity Corp.
According to the official release, Coinsquare has raised a total of $47.3 million in just four months, at equity valuations increasing from $30 million to $430 million. The company plans to dedicate the new funding towards its global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers' needs.
"We have seen tremendous investor confidence in the Coinsquare business model, having raised a total of $47.3 millionin just over four months – notable for this industry," says Cole Diamond, CEO of Coinsquare. "We take a very different view than your typical digital currency trading platform. Virgile Rostand, Coinsquare's Founder, was an early industry pioneer and blue-chip banking industry veteran. He built a custom platform that is unrivaled in Canada, boasting extremely high security standards."
Coinsquare’s 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.
In addition, the company also announced that a number of financial veterans have joined its executive team – Ken Tsang, an investment banking veteran with expertise in the tech space has taken on the role of Chief Financial Officer; Robert Mueller, with extensive tech start-up experience, has been recruited as Chief Operating Officer; Lewis Bateman, hired as Chief Business Officer, brings a wealth of experience with more than 20 years in banking and finance.
