Crypto Exchange Raises $3.5M USD To Fund Expansion Into European MarketsMarch 2, 2021
CoinSmart, a regulated crypto exchange in Canada, has announced a $3.5 million ($4.5M CAD) seed funding round.
CoinSmart provides customers with an intuitive trading platform for buying and selling digital assets, like Bitcoin and Ethereum, combined with the seamless ability to on-ramp and off-ramp fiat. CoinSmart is registered as a money services business with the Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada and in multiple jurisdictions.
The heavily oversubscribed funding round will support CoinSmart’s European expansion as well as additional future investments and operational updates. This seed round was raised earlier in quarter one 2021 through the issuance of interest bearing convertible debentures.
“CoinSmart’s fundamental mission is to make cryptocurrency accessible for people of all experience levels,” said Justin Hartzman, CEO of CoinSmart. “Our expansion into the European market marks a unique opportunity for CoinSmart to present its innovative cryptocurrency trading services globally, while offering the same level of customer service and trust we’ve established in Canada.” “We’re excited about the ways in which crypto can help streamline payments within Europe’s financial system and subsequently better serve and protect our customers.”
This round comes at a time of exponential growth for both CoinSmart and the Canadian cryptocurrency scene at large. From 2019 to 2020, CoinSmart saw a user growth increase of 356% and a volume growth of 453%. Earlier this month, the Ontario Securities Commission approved the first North American Bitcoin ETF, marking another major milestone for the industry.
“As more crypto companies begin working with regulated entities, we are effectively creating a trusted space for digital assets within the financial industry. With Coinbase filing with the SEC in the United States, we have seen how impactful it is to become more involved with and recognized by local governments. At CoinSmart, we are working to establish that same credibility in North America and further bring crypto into the mainstream in a meaningful and safe manner,” said Hartzman. “Announcements like these further illustrate that with CoinSmart’s exponential growth, scalability and clear path forward, our own opportunities are endless and will help lead the way for the future of the crypto ecosystem at large.”
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