One of Canada’s largest cryptocurrency exchanges, Coinsquare, is expanding into the European market. This is the exchange’s first international expansion under its own brand. Its previous expansions were through partnerships with other companies.
Ontario-based cryptocurrency exchange Coinsquare announced on Thursday, August 23, its plan to expand into the European market in the fourth quarter of this year. The company wrote:
Customers across Europe will have access to Coinsquare’s entire suite of coins – bitcoin, bitcoin cash, ethereum, litecoin, XRP, dogecoin, and dash.
Founded in 2014, Coinsquare claims to be “Canada’s most secure digital currency trading platform,” with a “95% cold storage policy on all digital currency.” The exchange also claims to have over 100,000 customers.
According to its website, Coinsquare supports the trading of seven cryptocurrencies and four fiat currencies: the British pound, Canadian dollar, euro, and US dollar. The Australian dollar is also listed but currently unsupported.
Thomas Jankowski, Coinsquare’s Chief Digital and Growth Officer, told news.Bitcoin.com:
We’re in the final stages of vetting a few select KYC and AML vendors who, in tandem with our amazing in-house customer success teams, will allow us to handle verification for EU countries.
He added that “Coinsquare is a regulated, fully-compliant trading platform and we’re thrilled to offer the European market the same secure and intuitive interface that we offer to Canadians.”
In addition, the company has a subsidiary called Coin Capital Investment Management Inc. (Coincapital), launched on July 30. It is registered with the Ontario Securities Commission (OSC) as an exempt market dealer, investment fund manager, and portfolio manager. “This new division will offer a suite of investment products focused on emerging technologies including blockchain, artificial intelligence, and cryptocurrencies,” the company detailed.
First Expansion Under Coinsquare Brand
According to Thursday’s announcement:
This is Coinsquare’s first international expansion under the Coinsquare brand, but not Coinsquare’s first step in the global cryptocurrency market.
Currently, Coinsquare can only verify users who can prove Canadian citizenship or Canadian residency, adding that acceptable documents are driver’s license, passport, national identity card, permanent resident card or health card for Quebec.
The company has, however, expanded by partnering with businesses in Canada and the EU to “launch fully white-labelled platforms that offer a consistent brand experience, and are specifically tailored to individual markets and the needs of their clients.” These expansions leverage Coinsquare Licensing which powers cryptocurrency trading solutions using Coinsquare’s technology.
In July, Coinsquare announced its plan to enter the Japanese market through Coinsquare Licensing, pending the approval of the Japanese Financial Services Agency (FSA). Coinsquare “will be powering a Japanese exchange in partnership with Dlta21, a global cryptocurrency investment bank, through Coinsquare Licensing,” the company described.
Editor’s Note: This article has been updated with a quote by Thomas Jankowski, Coinsquare’s Chief Digital and Growth Officer, regarding KYC verification for EU countries.