Coinsquare Exchange, decided to expand its boundaries mid this month, setting eyes on Europe. The startup which is headquartered in Toronto, Canada is hopeful that the new market will be favorable.
According to its CEO Cole Diamond, the move is very significant for the young exchange. In the interview with Bitcoin Magazine, Diamond added that exploring a market which has 12 times the GDP of Canada makes sense.
Diamond admitted to stalking the market for quite some time and is excited that the expansion has become a reality. He otherwise praised Europe’s market and added that Coinsquare’s new market opportunity has expanded 12 times over.
Coinsquare the largest exchange in Canada based on volume according to Coinmarketcap. The company’s CEO regards Coinsquare as a digital asset management company with $60 million in funding. Diamond revealed the company’s long-term goal of expanding services for crypto beyond trading to other financial services and investments.
The interview also captured the views of the company’s digital and growth officer Mr Thomas Jankowski. Mr Jankowski spoke of Coinsquare’s expansion plans and visions as a future for global banking and financial services. The company is seeking to reach out to a billion clients by the end of next year.
Mr Jankowki also disclosed the company’s vision in becoming a modern financial institution and not just a trading platform. He added that the first step to meet demands in the new market is offering to trade in euros.
The company predicts an increasing demand for a variety of coins. Currently, the exchange deals in Bitcoin, Bitcoin cash, Ethereum, Dogecoin, Litecoin, Squarecoin and ripple. They recently added Ethereum classic to this list.
Complex Regulatory Environments Management
European markets have a complex anti-money laundering and securities laws. However, Coinsquare’s plan is to fight each battle separately.
Back in Canada, there are whispers that the proposed regulations for cryptocurrency businesses including exchanges wouldn’t come into effect until after the October 2019 elections. Coinsquare receives this news positively and believes the state should continue removing obstacles for a fast track lane for tech companies.
In regards to fintech innovations, Canada is a leader among the G8 countries. However, this success doesn’t mirror getting start-ups on their feet. Hence there is a dire need to make regulations easier. It would also deliver a positive message that the country is ready for a change.
The company brags to be on the front line with the most up to date Anti-Money Laundering Legislation-the AML D5, which is the most recent update that covers loopholes terrorist have been using.
No Cryptocurrency Banking In Canada Yet
The biggest and ongoing issue in the Canadian crypto market is the lack of access to banking with concerns of the outcome of an ongoing court case with a popular exchange platform. Coinsquare, on the other hand, has been lobbying for a working relationship with banks. Their efforts have been fruitful, with the currency recently signing an agreement with one of the major bank. Jankowski commends the bank for caution and trust adding that such precautionary measures are in due diligence.