goNumerical Ltd. (d.b.a. Coinsquare), one of Canada's leading and most secure digital currency exchanges, announced today that it has closed a fully marketed equity financing led by Canaccord Genuity Corp. for gross proceeds of approximately $30 million.
In just over four months Coinsquare has raised a total of $47.3 million, at equity valuations increasing from $30 million to $430 million. The most recent round of 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.
"We have seen tremendous investor confidence in the Coinsquare business model, having raised a total of $47.3 million in just over four months - notable for this industry," says Cole Diamond, CEO of Coinsquare. "We take a very different view than your typical digital currency trading platform. Virgile Rostand, Coinsquare's Founder, was an early industry pioneer and blue-chip banking industry veteran. He built a custom platform that is unrivaled in Canada, boasting extremely high security standards."
To lead this growth, Coinsquare has recruited financial veterans to join its executive team. Ken Tsang, an investment banking veteran with expertise in the tech space has taken on the role of Chief Financial Officer. Robert Mueller has been recruited as Chief Operating Officer. He adds successful tech start-up experience to the team, having previously raised $50 million in venture funding for his latest venture. Lewis Bateman, hired as Chief Business Officer, brings a wealth of experience with more than 20 years in banking and finance. Today, the company employs 90 staff members and expects to have over 200 employees by the end of Q2 2018.
Growth through diversification
With an established base of over 100,000 customers and one of the most secure digital currency trading platforms in the world, Coinsquare will continue to lead the industry through diversification into high growth opportunities in the digital currency and blockchain space. Expansion plans 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 to take advantage of cross exchange opportunities, as well as to hedge coin and currency exposures.
Coinsquare believes that every country should have a digital currency platform tailored to the needs of their market. Accordingly, Coinsquare's global growth strategy is to white label and license its technology to proven operators in markets around the world.
Safety and security
With 98% of assets stored offline, industry-leading encryption, and a trading platform built on the same technology as NYSE, Coinsquare is focused on the safety and security of user investments.
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