Canadian Cryptocurrency Exchange Coinsquare Tied up with DLTa21 to Conquer Japanese Exchange Market
Coinsquare a Canada-based cryptocurrency exchange is plotting a major expansion into Japan as it prepares to took a step into Cryptocurrency Exchange Market of Japan.
The exchange, headquartered in Toronto, announced this week that it had formed a partnership with DLTa21, a “global blockchain investment bank,” to launch a centralized cryptocurrency exchange in Japan.
Canada based cryptocuurency exchange Coinsquare which operates Canada’s third largest cryptocurrency trading platform, will provide the infrastructure of the new exchange while the global blockchain investment bank DLTa21 will deal with regulatory compliance and other things at the local level. Coinsquare CEO, Cole Diamond in a statement said :
“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.”
This expansion into Japan comes as Coinsquare is gearing up to go public on the Toronto Stock Exchange (TSX).
In a report the firm intends to hold its initial offering as early as September. At the time, the firm said that it hoped to raise as much as $120 million (C$150 million) and then use those funds to finance a direct expansion into the U.S. and U.K., where it hopes to take aim at Coinbase’s dominant market share.
“The United States and the U.K. market are next,” Diamond told Bloomberg in January. “We believe that we will be a strong competitor to Coinbase and other exchanges in the U.S. by the end of the year.”
Coinbase, incidentally, announced last month that it had opened an office in Japan and was working “hand-in-hand” with regulators at the Financial Services Agency (FSA) to ensure compliance with local laws.
The FSA, as CCN reported, has ramped up cryptocurrency exchange enforcement in recent months following the record-breaking hack at Tokyo-based platform Coincheck. Since that incident, regulators have issued business improvement orders to half-a-dozen exchanges and have forced several others to close due to non-compliance.
Source: CCN News