As cryptocurrencies slump, Coinsquare doubles down on growth
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.