Crypto Exchange Coinsquare to Set up Shop in Europe by Q4 of This Year

Francisco Memoria
  • Canadian crypto exchange Coinsquare is set to expand its operations to Europe by the fourth quarter of this year.
  • The move comes as it's eying a $120 million IPO. Raised funds would be used to fund its expansion.

Toronto-based cryptocurrency exchange Coinsquare is reportedly going to expand its operations to the European Union by the fourth quarter of this year, in a move that’s part of its plan to expand its operations throughout the world.

According to Finance Magnates, Coinsquare stated its customers in Europe will have access to all the cryptocurrencies it currently trades on its platform: bitcoin, bitcoin cash, ethereum, litecoin, dash, dogecoin, and XRP.

Europe is notably seen as a growing global cryptocurrency hub. Various crypto exchanges, including Binance, have revealed they plan on expanding their operations to Malta over its lax approach to the crypto space.

Citing a recent study, Finance Magnates noted that one in three German millennials have revealed they would consider adding cryptocurrencies to their investment portfolios. Per the cited study, 46% are “seriously considering” investing in a cryptocurrency this year.

Commenting on Coinsquare’s move Cole Diamond, the company’s CEO, stated:

Entering on a massive market like the EU is an exciting step closer to Coinsquare’s vision of becoming a global 21st century financial institution. Already the premier cryptocurrency exchange in Canada, we are careful in how we expand internationally to ensure we can offer the same high quality, secure service in every country we operate.

According to available data, Coinsquare’s daily trading volume is of about $8.5 million, and most of it is concentrated in its BTC/CAD trading pair. Accessing European markets will be notable for the company, as CryptoCompare data shows the Euro makes up over 3% of bitcoin’s total daily trading volume.

The Canadian exchange, per the news outlet, claims to trade over $5 billion worth of cryptocurrency a year, and to have over 100,000 customers. It raised $23.63 million in a funding round earlier this year, and is said to be eyeing a $120 million initial public offering (IPO) in September of this year.

Funds raised in its IPO will help it expand. As CryptoGlobe covered the exchange has partnered with DLTa 21 Blockchain Corp to launch a cryptocurrency trading platform in Japan. The move comes at a time in which the Asian country is looking to change how it regulates cryptocurrencies.

Other companies in the space looking to launch an IPO include mining hardware manufacturer Bitmain and Canaan. Notably, the Chinese giant’s IPO could be the biggest one in history.