Coinsquare Exchange, based in Toronto, Canada, made its first trip out of its Canadian base to extend its operations in Europe. On November 15, 2018, the exchange allowed the collection and trade in euros, in what we see is a promising market for future expansion.
The CEO of Coinsquare Cole Diamond said Bitcoin Magazine that this is an important move for the exchange of young people and it makes sense for the business to enter a market that has a GDP 12 times bigger than Canada.
"Europe is a big market." Expanding there has expanded our market opportunities 12 times, it is also a market that our community has requested for a while, so we are very excited to be live "said Diamond.
Coinsquare is the largest (volume) exchange based in Canada according to CoinMarketCap.
Diamond refers to Coinsquare as a digital asset management company with a $ 60 million loan. Its long-term goal for the company is to expand its services for cryptography over trading in other investments and financial services.
Thomas Jankowski, Coinsquare's Chief Digital and Growth Officer, spoke with Bitcoin Magazine on the plans of the company for the expansion in Europe and the vision of the company as a future global banking and financial center. They are aiming for 1 billion customers by the end of 2019.
"We are working to build a 21st century financial institution, which means much more than just a trading platform.While we grow up in Europe to meet the needs of our European community, this is what we are thinking about. first step in this process? offering trade in euros, which went live when we opened in Europe, "said Jankowski.
The company claims to see increasing market demand for a variety of coins. The exchange trades in Bitcoin, Bitcoin Cash (both), Dash, Dogecoin, Ethereum, Litecoin, Ripple and Squarecoin and has recently added Ethereum Classic.
As for the recent Bitcoin Cash fork, Jankowski said:
"I'm happy enough to say that we have already brought all three bitcoins and we have been one of the first platforms in Canada to announce the support of all three through the fork, and Coinsquare has also caused the transaction that triggered the fork: you can see the note we left in ScriptSig We have no preference for which currency will "win" and support any community decision, as this is the true spirit of the blockchain.
"There is certainly some confusion about coins, but we hope the community will get together." We respect the decision they make and, once the community has made its choice, we think that the confusion will die naturally as people learn more ".
Management of complex regulatory environments
The cryptocurrency activities in Europe are governed by complex anti-money laundering and securities trading rules in several countries, but Coinsquare plans to deal separately with the laws of each country.
In Canada, there is a growing recognition that the federal government will probably not continue with the previously proposed regulations for cryptocurrency activities, including trade, until after the next election in October 2019.
There is some concern in the community about this uncertainty, but Coinsquare's Jankowski considers it a positive aspect:
"We believe that the government must continue on the road to removing obstacles in order to allow the fintech companies, especially in the digital currency space, a fast track towards regulation.
"Canada is an unchallenged leader among the G8 countries for the start of fintech innovation, but we could not get those startups past the finish line, to make regulation easier, it would provide a courageous message that we are not only ready for change, but we are also ready to give the example. "
Coinsquare claims to be driving the sector with its anti-money laundering measures and is using the AML D5, the latest update of the global anti-money laundering legislation that will come into force in January 2020, specifically aimed at identifying the faults that terrorists have used in the past for international money laundering.
Canadian banks are not banking on cryptocurrencies (yet)
One of the major ongoing problems in the Canadian crypto community is shaky at the impossibility of accessing banking services with new concerns over the current court case with the QuadrigaCX exchange and the Canadian Imperial Bank of Commerce.
Coinsquare has exerted strong pressure to develop working relationships with Canadian banks and has signed an agreement with a major bank.
Jankowski sees a thaw in cold relations with Canadian banks:
"We think banks in Canada are slowly changing their attitudes towards cryptography, our banks are careful and prudence is what led them to overcome the 2008 crisis. Our Canadian bank has been an extraordinary partner and we are happy that they have put us in due diligence so that they can be sure of our practices, but now we have US and EU banks knocking on our doors and we know that transparency is important to finance We can not wait to find out more in Canada and the rest of the world. "