Toronto-based cryptocurrency exchange CoinSmart began trading on the NEO Exchange on November 2 after completing a takeover of Mesa Exploration Corp. on October 27.
The listing follows less than a week after CoinSmart received an exemption from regulators to operate its crypto trading platform as a restricted dealer under securities laws.
According to the company, CoinSmart director and CEO Justin Hartzman has acquired ownership and control over 8,920,241 common shares and 316,664 options of CoinSmart as part of the takeover. He holds approximately 15.3 percent of the outstanding common shares of CoinSmart on a non-diluted basis and 14.3 percent of the outstanding common shares of CoinSmart on a fully diluted and converted basis.
Founded in 2018, CoinSmart is an exchange for a variety of cryptocurrencies, including Bitcoin, Ethereum, Stellar, and Dogecoin. The startup has claimed to be the first Canadian exchange to be regulated by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC).
Earlier this month, CoinSmart joined a small number of Canadian crypto trading platforms that have received approval from securities regulators to operate in Canada. Others on that list include Wealthsimple, Coinberry, and Netcoins. CoinSmart claims it is now one of only a handful of Canadian-based crypto-asset trading platforms to be fully regulated and publicly traded.
The startup also claims to have a global presence, as it accepts customers from more than 40 countries.
CoinSmart is looking to use the public markets to add more crypto assets to its platform; launch a mobile app; extend its geographic reach and; list to a European stock exchange.
“Over the next 18 months, CoinSmart has plans to make cryptocurrency accessible to new entrants and experienced crypto enthusiasts alike,” said Hartzman. “Being registered in multiple jurisdictions and striving for a global footprint, we are poised to be the venue of choice for a full suite of crypto related products and beyond.”