Sources familiar with Coinsquare’s ICO claim that the ICO will be launched at TSX (Toronto Stock Exchange.) According to Coinsquare’s management, the firm has been undergoing significant growth over the last few years. Last year, Coinsquare, the Toronto-based company recorded tremendous growth. Coinsquare’s intention to launch an IPO come at the right time considering its growth will coincide with the surge in cryptocurrency interest globally.
How Big Is Coinsquare?
Founded in 2015 by Virgile Rostand, Coinsquare currently boasts of more than 100,000 registered users. Coinsquare is a multi-currency exchange allowing its clients to transact using cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Dash coins. Daily transaction figures released by Coinsquare reveal that the firm exchanges roughly $10 million in cryptocurrencies every 24 hours.
The $120 million Coinsquare hopes to secure from the IPO will go into to expanding the firm’s operations overseas. Coinsquare has made plans to sell its IPO shares at the Toronto Stock Exchange; this will earn the firm mainstream attention. Coinsquare used a reverse takeover (RTO) scheme to get itself listed on TSX’s smaller subsidiary, TSX Ventures. Coinsquare’s ICO launch contrasts the company’s decision to list itself at TSX’s subsidiary.
Coinsquare’s ICO To Boost Market Competition
Coinsquare is making plans to expand its business to regions outside of Canada. Some of Coinsquare’s preferred foreign markets include the United States and the United Kingdom. The Toronto-based exchange is planning to have operations in the US and UK by the end of the second quarter this year.
Coinsquare is also planning to list Ripple (XRP) on its exchange this February. After the listing of XRP, the exchange is planning to list one digital currency in its platform every month. Coinsquare intends on using its expansion to access various foreign markets while the addition of multiple cryptocurrencies is to allow the firm carry out global crypto exchanges. Coinbase recently raised $100 million that brings the firm’s valuation to $1.6 billion. To compete with the San Francisco based exchange, Coinsquare hopes that its IPO will be successful.