Headquarters: Toronto In business since: 2014 Employees: 140 Annual revenue: Not available
If you want to get into cryptocurrencies but you’re not sure how to start, Toronto-based Coinsquare Ltd. gives Canadians a secure place online to buy and sell them.
Since its launch, Coinsquare has grown into one of the country’s largest digital-currency exchanges and is in the top 100 worldwide, according to CoinMarketCap, a website that tracks cryptocurrencies and exchanges. Using their computers or phones, Coinsquare users can buy and trade up to seven types of currency, including bitcoin, ethereum and ripple.
Chief executive officer Cole Diamond declined to give the number of Coinsquare users, saying only there are “several hundred thousand – all Canadian.” There’s plenty of room for growth in the market, he adds. Indeed, a Bank of Canada survey found an increasing awareness of digital currency among Canadians: Last year, 85 per cent said they knew about bitcoin, compared with 64 per cent in 2016.
Mr. Diamond notes that Coinsquare, which has raised more than $50-million in funding, is more than a trading platform. The company has six lines of business, including mining, asset management and licensing of its cryptocurrency trading-platform technology. The company plans to launch in Europe this year.