Crypto Exchange Coinsquare Raised $30 Million Investment

The leading Canadian cryptocurrency exchange announced that it has raised $30 million in new equity financing
09 February 2018   679

The funding was led by Canaccord Genuity Corp, financial services firm. In four months crypto exchange has raised a total of $47.3 million, with equity valuations increasing from $30 million to $430 million. According to Coinsquare, the funding will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers' needs.

The company is going to hire at least 100 employees in the next few months. Coinsquare needs collaborative self-starters who want to set the bar for financial services in the 21st century. By the second quarter of this year, Coinsquare will have 200 employees working for the exchange.

According to recent reports, Coinsquare is targeting at about $150 million ($120 million) in an initial public offering in September 2018 to help finance an overseas expansion.

The company’s expansion plans also include a strategic investment in existing digital currency mining operations, including its own; the launch of CoinCap Funds, a group of funds focused on investments across the digital asset landscape; and a planned Trading and Arbitrage division.

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.