Most cryptocurrency companies operate in the wild west of the financial world, deprived of the security of traditional financial markets. However, Canadian crypto firm Coinsquare is bringing the fiat-based financial world closer to the digital currency sector. Coinsquare becomes the first crypto company in Canada to secure a banking relationship with one of Canada’s Big 5 banks. It has also recently completed a third-party audit.
Entering the Formal Banking Sector
Coinsquare’s partnership with the Big 5 Canadian bank will help in streamlining the process of depositing and withdrawing funds for users. It will also help in creating a strong foundation for the platform to grow globally. Cole Diamond, Coinsquare CEO, commented on the achievement, saying:
“This is a tremendous boost not only for Coinsquare but for the entire Canadian cryptocurrency industry. At Coinsquare, our motto has always been to ‘Do Digital Currency Right.’”
He went on to say that this partnership is an example of how third-party partners have shown faith in Coinsquare’s crypto businesses. He added that they are excited about the new partnership and the value it could bring for Coinsquare customers.
Audits Help in Maintaining Integrity
Coinsquare allows users to trade in Bitcoin, Ethereum, and other popular digital currencies. This was the first time since 2014 that the trading platform has completed a third-party audit. It is one of the first exchanges in the world to release a consolidated financial statement audit. The audit was completed by a national accounting firm, which suggested that Coinsquare statements are “free from material misinformation” by expressing an “unmodified opinion.”
The chief financial officer of Coinsquare, Ken Tsang, said that completing the audit successfully and starting a relationship with a top bank in the country helps the platform to push its agenda of becoming the most trusted crypto exchange in the world.
The company has received praise on a global scale as LinkedIn ranked it as the second most sought-after start-up. The professional networking site used data collected from 575 million users. It likewise recognized the platform as the fastest growing start-up on its list.
Coinsquare Becomes First Cryptocurrency Trading Platform to Secure Relationship With a Big 5 Canadian Bank was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.