Cryptocurrency trading platform Coinsquare has secured a relationship with one of Canada’s big five banks.
Coinsquare didn’t disclose the name of the banking partner in a media release, but a quick investigation of the wire transfer process through the company’s service confirmed that it is Bank of Montreal.
Coinsquare can now use BMO to streamline the process of depositing and withdrawing funds.
“This is a tremendous boost not only for Coinsquare but for the entire Canadian cryptocurrency industry,” Cole Diamond, CEO of Coinsquare, said in the company’s original release. “At Coinsquare, our motto has always been to ‘do digital currency right.’ This announcement is one of many examples of how institutional third-party partners put their faith in our approach to the cryptocurrency business. We’re thrilled to start a relationship with a major Canadian bank and we’re excited for what it means for our users.”
For Coinsquare—which has a core focus of building trust among consumers wary of digital currencies—it’s another small step in showing credibility to a market outside of crypto enthusiasts (its new chief digital officer, former Postmedia exec Thomas Jankowski, is tasked with leading its efforts to make crypto more accessible). The company said that it went through a third-party audit with an undisclosed accounting firm, which found its financial statements “free from material misinformation.”
“Successfully completing an audit and starting a relationship with a top-tier bank helps us push forward on our vision to be the most trusted cryptocurrency platform in the world,” said Ken Tsang, CFO of Coinsquare.
Coinsquare has made several developments in the financial sector. In September, its investment and portfolio management division launched two ETFs on the Toronto Stock Exchange, and it launched a white-label licensing platform in March.