Canada-based Coinsquare Acquires CoinSmart Exchange

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Canada-based Coinsquare Acquires CoinSmart Exchange
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  • Only two Canadian crypto exchanges, including Coinsquare, have pre-registered with authorities.
  • Justin Hartzman co-founded CoinSmart and has served as its CEO.

After Coinsquare, one of the major digital asset trading platforms in Canada, purchased CoinSmart for an unknown price, the country’s cryptocurrency exchange scene seemed to be solidifying.

Thursday, Coinsquare stated that it has signed a formal deal to acquire 100% of the issued and existing shares of Simply Digital, a fully owned subsidiary of CoinSmart. Moreover, CoinSmart’s NEO Exchange-traded stock price rose by 67% on Friday, perhaps in reaction to the announcement.

As a result of the purchase, Coinsquare is now better able to serve its customers. And compete with other cryptocurrency exchanges in Canada. Coinsquare, which launched in 2014, now provides institutional and retail trading, crypto payment processing, and digital asset custody, among other services.

In 2018, Justin Hartzman co-founded CoinSmart and has served as its CEO since the company’s inception. Hartzman is expected to become a member of Coinsquare’s executive team if the transaction is finalized.

Rise in Crypto Adoption

CoinSmart’s financials are made public on a quarterly basis, as befits a publicly listed firm. According to the company’s annual report published on April 1. Gross sales for 2021 were $16.7 million, an increase of 357% over the previous year. 

Only two Canadian crypto exchanges, including Coinsquare, have pre-registered with their primary authorities. Moreover, in an effort to comply fully with securities regulations. The Canadian Securities Administrators (CSA) set the pre-registration standards to enable cryptocurrency exchanges to continue operating. While their complete applications with CSA are assessed.

The adoption of cryptocurrencies in Canada is on the increase. But like in other nations, it is mostly determined by underlying market circumstances. KPMG found that institutional investors are warming up to crypto as a result of its perceived benefits and new possibilities.

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