As cryp­tocur­ren­cies slump, Coin­square dou­bles down on growth

North Bay Nugget - - BUSINESS - Danny Brad­bury

the “great crypto crash.” a “rout.” a “melt­down.” that’s how the busi­ness press de­scribed the drop in cryp­tocur­rency val­ues last month — just as coin­square listed two new etfs on the toronto Stock ex­change.

but that doesn’t seem to ruf­fle ceo cole di­a­mond. in fact, he says the cana­dian com­pany has fur­ther plans for ex­pan­sion, in­clud­ing its cryp­tocur­rency min­ing op­er­a­tions. ac­cord­ing to a Fe­bru­ary re­port from co­her­ent Mar­ket in­sights, that alone is set to be a $38-bil­lion (u.s.) global mar­ket by 2025.

di­a­mond also be­lieves that the gap be­tween tra­di­tional fi­nance and cryp­tocur­rency, al­ready clos­ing fast, will even­tu­ally dis­ap­pear. he pre­dicts that cryp­tocur­ren­cies will be­come a plat­form for all as­sets, from eq­ui­ties to land rights. if any­thing, he’s wor­ried coin­square isn’t mov­ing fast enough.

“We are plan­ning ev­ery­thing that a fi­nan­cial in­sti­tu­tion does, ev­ery­thing that a stock ex­change does, and ev­ery­thing that we can pos­si­bly par­tic­i­pate in with the over­all man­age­ment of as­sets,” he says.

but di­a­mond un­der­stands that build­ing trust in cryp­tocur­rency re­mains a big part of the equa­tion. his own first en­counter with coin­square, in 2016, was a face-to­face meet­ing with founder Vir­gile ro­stand — to make sure the com­pany’s back-end was solid be­fore mak­ing a hefty pur­chase of dig­i­tal coins.

he was so im­pressed by what ro­stand had built, how­ever, and so con­fi­dent in the com­pany’s po­ten­tial, that he be­came an in­vestor and joined as ceo the fol­low­ing year. Since then, he’s helped coin­square evolve from what he calls “a web­site that was re­ally dark and scary look­ing ” to a dig­i­tal as­set man­age­ment com­pany with $60 mil­lion in fund­ing. the com­pany has also se­cured an of­fi­cial re­la­tion­ship with a big five cana­dian bank — re­port­edly BMO — and com­pleted an audit with an ac­count­ing firm.

For re­tail in­vestors wary of the volatile mar­ket in cryp­tocur­ren­cies, coin­square’s etfs may also of­fer the chance to spread risk across re­lated as­sets.

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