CoinSmart Raises $4.5 Million CAD to Fund Expansion Into European Markets
- Funds will also support operational updates and future growth
Toronto-based cryptocurrency exchange Simply Digital Technologies Inc. – D/B/A CoinSmart – announced that it has recently closed a $4.5 million seed round of financing through the issuance of interest bearing convertible debentures to fuel the expansion of its platform into Europe and support operational updates. This seed round was raised earlier in quarter one 2021 through the issuance of interest bearing convertible debentures.
Following the pre-RTO financing announcement made earlier this month, this funding round will continue to lay the groundwork for Simply Digital Technologies Inc. proposed reverse takeover (RTO) in the coming months. This RTO will be an arm’s length “Qualifying Transaction” in order to successfully obtain a listing on the TSX Venture Exchange.
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“CoinSmart’s fundamental mission is to make cryptocurrency accessible for people of all experience levels,” said Justin Hartzman, CEO of CoinSmart. “Our expansion into the European market marks a unique opportunity for CoinSmart to present its innovative cryptocurrency trading services globally, while offering the same level of customer service and trust we’ve established in Canada.” “We’re excited about the ways in which crypto can help streamline payments within Europe’s financial system and subsequently better serve and protect our customers.”
CoinSmart breaks down the barriers of complex cryptocurrency transactions with its simple trading interface, learning tools and 24/7 client support. As one of the first Canadian exchanges to be regulatory compliant with the country’s financial intelligence unit – Financial Transactions and Report Analysis Centre of Canada – CoinSmart prioritizes the safety and security of its customers with adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and the use of cryptocurrency cold storage to reduce theft. CoinSmart’s European expansion is possible because of a Financial Intelligence Unit (FIU) license issued by the Estonian Police and Border Guard Board, holding CoinSmart to stringent consumer protection standards and security protocols.
Given the recent surge in popularity of Bitcoin and other digital assets, interest throughout Europe in this cutting-edge technology has sky-rocketed in recent months. In 2020, CoinSmart saw a 356% growth in users, a 454% increase in volume, and deposits on the exchange grew by 632%. The $4.5mm will fuel the next stage of CoinSmart’s growth and help power its best-in-class team as they continue to develop and expand their product offerings for Europe.
“As more crypto companies begin working with regulated entities, we are effectively creating a trusted space for digital assets within the financial industry. With Coinbase filing with the SEC in the United States, we have seen how impactful it is to become more involved with and recognized by local governments. At CoinSmart, we are working to establish that same credibility in North America and further bring crypto into the mainstream in a meaningful and safe manner,” said Hartzman. “Announcements like these further illustrate that with CoinSmart’s exponential growth, scalability and clear path forward, our own opportunities are endless and will help lead the way for the future of the crypto ecosystem at large.”
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