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Canada's CoinSmart Crypto Exchange Raises $3.5M for European Expansion
The exchange's owner is also planning a reverse takeover with the aim of listing on TSX Ventures.
Updated May 9, 2023, 3:16 a.m. Published Mar 1, 2021, 3:00 p.m.
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Canada-based cryptocurrency exchange CoinSmart has announced the closing of a CAD$4.5 million (roughly US$3.5 million) seed funding round.
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CoinSmart, owned by Simply Digital Technologies, told CoinDesk in a statement Monday the investment was raised earlier this year through the issuance of interest-bearing convertible debentures, a type of debt instrument. Investors in the round were not disclosed.
The funding will be used to expand CoinSmart’s platform into European markets and support operational changes. It will also help Simply Digital Technologies prepare for a planned reverse takeover ahead of a hoped-for public listing on the TSX Venture Exchange, said the firm.
Read more: Canadian Bank Launching Fiat-Backed Digital Currency in Claimed World First
Enabling its European expansion, CoinSmart said it has obtained a Financial Intelligence Unit license issued in Estonia.
“CoinSmart’s fundamental mission is to make cryptocurrency accessible for people of all experience levels,” said CoinSmart CEO Justin Hartzman. "We’re excited about the ways in which crypto can help streamline payments within Europe’s financial system and subsequently better serve and protect our customers.”
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Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
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- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
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