Coinsquare Crypto Trading Platform Makes History, Forms Alliance With Canadian Bank

While the majority of the world’s financial institutions have shunned cryptocurrency operations, a bank in Canada is ready to embrace the future currency.   Coinsquare, a crypto trading platform out of Canada, has announced that it has secured a banking relationship with a bank belonging to Canada’s Big 5 banking company.  Coinsquare has become the first crypto-based company in Canada to form a partnership with a traditional financial institution.

The new alliance will help streamline the deposit and withdrawal processes for Coinsquare’s customers.  It will also serve to create a strong base from which the company can grow internationally. According to Coinsquare CEO Cole Diamond, “This is a tremendous boost not only for Coinsquare but for the entire Canadian cryptocurrency industry. At Coinsquare, our motto has always been to ‘Do Digital Currency Right.’”

Cole added that the partnership demonstrates the high level of confidence the company has garnered.  He further explained that the deal would also bring a boost in value for Coinsquare’s customers.

Coinsquare supports a number of digital currencies, including Bitcoin, Bitcoin Cash and Ethereum, as well as five others.  It also supports several fiat currencies, including the Canadian dollar, the US dollar, the Euro and the British pound.

The platform recently completed a third-party audit.  That audit played a role in the success of the partnership with Big 5 and is expected to help the company become one of the top cryptocurrency exchanges in the world, according to its CFO, Ken Tsang.  

Earlier this month, Coinsquare entered into a partnership with Riot Blockchain to create a US-focused cryptocurrency exchange.  That endeavor was launched through Riot’s RiotX Holdings subsidiary and will be introduced as a RiotX version of Coinsquare’s platform.  RiotX is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. It is currently registered in Florida as a licensed money transmitter and is seeking licenses in other states to expand its operations.