Crypto trading platform Coinsquare has become the only firm of its kind in Canada to land a Big 5 bank. However, the venture has failed to identify the bank and did not answer our telephone calls to its offices in Toronto.
The relationship will provide users with a streamlined process of depositing and withdrawing funds, which will, therefore, bolster Coinsquare’s global growth.
“We’re thrilled to start a relationship with a major Canadian bank, and we’re excited for what it means for our users,” says Coinsquare CEO Cole Diamond. “This is a tremendous boost not only for us but the entire Canadian cryptocurrency industry.”
Diamond adds that the “announcement is one of many examples of how institutional third-party partners put their faith in our approach to the cryptocurrency business. At Coinsquare, our motto has always been to ‘Do Digital Currency Right’.”
The firm’s press release states that the new relationship comes “on the heels of another major step forward for Coinsquare, who recently became one of the only cryptocurrency trading platforms in the world to complete an organisation-wide third-party consolidated financial statement audit successfully”.
Coinsquare is squeaky clean
The audit by a national accounting firm concluded with an “unmodified opinion, which essentially means Coinsquare’s financial statements are “free from material misinformation”.
Ken Tsang, Coinsquare CEO, emphasises that the audit and the new banking relationship will help his firm to move forward with its objective to become the “most trusted cryptocurrency platform in the world”.
Without revealing statistics of any kind, Coinsquare claims to have experienced exponential growth this year. It also claims to be the world’s second most sought-after cryptocurrency exchange based on a LinkedIn survey based on data collected from its 575 million users. LinkedIn also ranked the firm as the fastest-growing startup.
Earlier this week, Coinsquare announced the listing of two ETFs on the Toronto Stock Exchange that doesn’t give investors direct exposure to crypto. However, they do allow them to invest in some of the biggest companies that are developing blockchain technology.