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   333

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.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   58

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.