Toronto-based crypto startup Coinsquare has launched a new app that allows Canadians to buy, sell, and trade digital assets.
The new app, called Quick Trade, offers commission-free transactions and allows users to manage a portfolio of digital assets. Quick Trade currently allows for the management of Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash, and plans to onboard more digital currencies in the coming months.
The launch of Quick Trade comes as Coinsquare faces strong competition from startups like Wealthsimple.
A spokesperson for Coinsquare told BetaKit Quick Trade is an entirely new platform that Coinsquare has been working on for a few years, and follows a number of recent changes at the startup. Key features of the new app include fast verification to trade, no-fee Interac e-Transfer deposits and withdrawals, and the ability for users to swap between any two assets.
The launch of this new app follows a number of changes at Toronto-based Coinsquare, as it faces increased competition in the crypto trading space, notably from Wealthsimple and its recently-launched crypto trading platform.
After reaching a settlement with the Ontario Securities Commission during the summer, over allegations of wash trading, Coinsquare saw a major overhaul of its executive team. This saw co-founder and CEO Cole Diamond replaced by Stacey Hoisak. The startup’s new leadership has been open about plans to also streamline Coinsquare’s business plan and technology.
At the end of 2020, the company said it planned to relaunch Coinsquare’s trading platform and leverage new technology and protocols, as well as expand beyond digital currency into institutional trading.
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In a recent statement, Hosiak said the new Quick Trade app is the first of “many” announcements to come from Coinsquare.
“Our new Quick Trade app is part of our commitment to offer Canadians the most user-friendly, comprehensive and secure investing experience,” she added.
The launch of Quick Trade also comes as Coinsquare faces strong competition from other Canadian FinTech startups, like Wealthsimple, which has seen its own crypto trading platform gain significant traction in recent months.
During the recent GameStop short squeeze, Wealthsimple Trade saw a surge in popularity, which included a 50 percent increase in sign-ups and its trading volume doubling. A source familiar with Wealthsimple noted to BetaKit that the increase in interest for the trading app began well before the GameStop frenzy, driven in large part by the COVID-19 pandemic.
Image source Coinsquare via Glassdoor