Cryptocurrency exchange Coinsquare has closed an equity financing round with Canaccord, raising a total of $30 million.
Coinsquare raised a $10.5 million Series A in December 2017, though at the time the company would not name the global asset manager that led the investment. Coinsquare said that it’s raised a total of $47.3 million at equity valuations increasing from $30 million to $430 million.
“We have seen tremendous investor confidence in the Coinsquare business model, having raised a total of $47.3 million in just over four months – notable for this industry,” said Cole Diamond, CEO of Coinsquare. “We take a very different view than your typical digital currency trading platform. Virgile Rostand, Coinsquare’s founder, was an early industry pioneer and blue-chip banking industry veteran. He built a custom platform that is unrivaled in Canada, boasting extremely high security standards.”
Ken Tsang, an investment banking veteran with a background at BMO, Bank of Canada, and McKinsey, has taken on the role of chief financial officer. Robert Mueller, former VP of finance at Tulip Retail, has joined the team as chief operating officer. Lewis Bateman, hired as chief business officer, has over 20 years of experience in the banking and finance industries.
The company currently 90 staff members and expects to have over 200 employees by the end of Q2 2018.
Earlier this year, the company reported that it’s working to raise $150 million through an IPO. At the time, it said it was in the process of raising $30 million from Canaccord and Cormark Securities.