THE DAILY ENCRYPT

October 3, 2022

Coinsquare has Announced it Has Acquired Crypto Exchange CoinSmart

CoinSmart generated $16.7 million in revenue in 2021, as retail trading volumes increased during the Bitcoin bull markets....
coinsquare acquires crypto exchange coinsmart
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CoinSmart generated $16.7 million in revenue in 2021, as retail trading volumes increased during the Bitcoin bull markets. Canada’s crypto-exchange landscape seems to be consolidating following the acquisition of Coinsquare, the largest platform for digital asset trading in the country, for an undisclosed sum.

Coinsquare announced Thursday that it has entered into a definitive deal to acquire all outstanding and issued shares of Simply Digital, CoinSmart’s wholly owned subsidiary. Coinsquare will be owned by CoinSmart on a pro forma basis, with a roughly 12.5% ownership stake.

The shares of CoinSmart, which trades on the NEO Exchange on Friday, rose 67% in response to the news.

After the acquisition, Coinsquare will become Canada’s largest crypto exchange

This acquisition makes Coinsquare Canada’s largest cryptocurrency exchange and increases its operational and business capabilities. Coinsquare was founded in 2014 and has since expanded its services to include institutional and retail trading, crypto payment processing, and digital asset custody.

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Justin Hartzman was the co-founder of CoinSmart in 2018. He also served as the company’s CEO. Hartzman will join Coinsquare’s executive staff following the acquisition.

CoinSmart is a publicly traded company and releases its financial statements every quarter. The company’s annual summary was released April 1 and showed $16.7 million in total revenue for 2021. This is a 357% increase year-over-year. The increase in retail trading volume was likely due to the Bitcoin ( BTC ) bull market.

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Coinsquare is among the two Canadian crypto exchanges that have pre-registered with their regulators in order to ensure full compliance with securities laws. Pre-registration requirements have been established by Canadian Securities Administrators (CSA) and allow crypto exchanges that are still operational to file their full applications with CSA.

Eric Richmond, chief operating officer of Coinsquare, explained to Cointelegraph that the cryptocurrency exchange was registered with Canada’s Investment Industry Regulatory Organization (IROC) in November 2020.

Although crypto adoption is increasing in Canada, it is still largely dependent on market conditions. KPMG’s survey found that adoption is increasing in institutional circles because of crypto’s perceived upsides and innovative potential.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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