Coinsquare to Launch IPO on TSX — Hopes to Compete With Coinbase

This week the well known Canadian digital asset exchange, Coinsquare announced its plans to launch an initial public offering (IPO) hoping to raise $150 million CAD ($120Mn USD). Coinsquare hopes the funding will help the platform be a direct competitor with cryptocurrency brokerage services like Coinbase and other U.S. based exchanges.

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Coinsquare Plans to Launch Public Shares On the Toronto Stock Exchange
Coinsquare to Launch IPO on TSX — Hopes to Compete With Coinbase The Toronto-based digital currency platform Coinsquare has seen enormous growth over the past year, according to the company. The exchange considers itself a “coin management system” that enables the trading of cryptocurrencies like bitcoin core, ethereum, bitcoin cash, dash, and litecoin. The company was founded in 2015 by Virgile Rostand, and in 2018 the platform has acquired over 100,000 verified users. Coinsquare has been swapping roughly $10Mn USD worth of BTC, BCH, LTC, and ETH on a daily basis.

Now the firm is shooting for a $120Mn IPO in order to expand the company’s resources overseas. Coinsquare will sell its IPO shares on the Toronto Stock Exchange (TSX) in order to gain much broader attention. This is in contrast to much smaller cryptocurrency focused businesses in Canada utilizing a reverse takeover (RTO) scheme to be listed on the stock exchanges’ smaller subsidiary TSX Ventures.

“We’re racing, but racing to do it right,” Coinsquare’s Chief Executive Officer Cole Diamond stated in a recent interview.

We’re going to take the old-school route as an IPO to the Toronto Stock Exchange.