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   104

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.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   128

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.