Canada’s CoinSquare to Setup Shop in Japan
One of Canada’s progressive crypto exchanges, CoinSquare, has announced its ambitious overseas expansion plans. The exchange will set up an exchange in the most happening cryptocurrency places in the world, Japan.
To collaborate with the Japanese exchange
CoinSquare is based in Toronto and will be collaborating with Japanese exchange, DLTa21. The latter is an investment bank but based on the blockchain technology. The partnership will allow an opportunity to both sides to create cryptocurrency experiences for its members on an equal footing. The infrastructure will be maintained by the Canadian platform, while the regulatory compliance will be from the Japanese partner, considering local laws have to be fulfilled.
The partnership is viewed as an exciting step forward for the North American exchange, as it will have a better footprint in the world’s most famous blockchain technology market region.
The brand name for the new venture will, however, have to be that of the Japanese partner since it will be more convenient to operate in the region with DLTa21X. Upon approvals being granted by the Japanese provincial government, the new venture will look to increase their reach further into Asian markets.
According to Coinsquare CEO, Cole Diamond, “Working with a world-leading investment firm like DLTA 21 to bring a safe, secure, easy digital currency buying and trading experience to Japan is a thrilling next step in Coinsquare’s mission, Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”
The collaborative expansion into Asian markets will also set the backdrop for Coinsquare to make its debut on Canadian stock market. The company is all set to become a public-listed company on the Toronto Stock Exchange ( TSX), allowing the crypto exchange to gain credibility in the financial markets of the country.
The exchange has announced the timeline for its Initial Public Offering as September 2018. The funds raised through the offer are expected to be in the region of $120 million and will be the primary capital for the organization to expand into European and United States market region.
Take advantage of market share
The company is looking forward to taking on big exchanges in the US markets – Coinbase. The latter is considered to have a dominant market share in this region and will look at capturing other market regions. Diamond said that “The United States and the U.K. market are. Next, We believe that we will be a strong competitor to Coinbase and other exchanges in the U.S. by the end of the year.”
In May, Coinbase had announced that it ‘s offices in Japan will be launched soon. It had indicated its Japanese expansion and had identified that it would work with local Financial Services Agencies to build compliance to commence operation in local laws. The FSA is said to have issued new guidelines for operating cryptocurrency exchanges in recent months. These changes were prompted as the hacking of Coincheck; a Tokyo exchange was beyond any expected levels of hacking. The regulators ever since the issue has been looking at improving the environment in which cryptocurrencies operate.