Coinsquare, one of Canada’s biggest digital currency exchanges, has ‎partnered with global payment solutions provider Processing.com in a bid to allow its ‎customers to buy digital currencies using credit or debit cards.‎

Coinsquare believes that Processing.com’s expertise in building cryptocurrency-enabled ‎payment services will help the virtual currency venue expand its global footprint and ‎vastly accelerate organic expansion.

This collaboration simplifies complex buying processes and open ups cryptocurrency exposure to the average ‎users, and not just the enthusiasts.

Competition among cryptocurrency exchanges is surging amid a rush ‎of users out of the market, drawn by the huge loss of digital ‎currencies in December and January. With the money-losing ‎memories of recent drops still fresh in their minds, investors are ‎having a tough time embracing the new correction born in early February.‎

Coinsquare believes the development will help it compete with larger ‎exchanges in the world, including San Francisco-based Coinbase and British exchange CEX.io. Both cryptocurrency venues were accepting only ‎cryptocurrencies or wire transfers, but as the whole ecosystem has matured, they ‎have also started accepting credit/debit cards.‎

The Toronto-based crypto platform also plans a massive ‎‎$120 million IPO on the main Toronto Stock Exchange in order to expand ‎the company’s resources overseas. In contrast to several blockchain ‎focused firms, which rushed to list on Canada’s junior TSX Venture ‎Exchange utilizing a reverse takeover scheme, Coinsquare prefers to ‎sell its shares on the country’s biggest bourse in order to gain much ‎broader attention. ‎

Coinsquare also considers the IPO with its stricter disclosure ‎requirements as the best way to convince investors that it’s ‎transparent and trustworthy, particularly as the sector has ‎been marred by disruptions, delays and hacks over the past few ‎months.‎

Coinsquare’s expansion plan comes as the cloud of uncertainty continues to ‎hover over the legal status of the digital asset class in Canada. ‎

Following in the footsteps of several major banks globally, the nation’s largest bank by assets, ‎Toronto-Dominion Bank (TD Bank), said Friday in an email to its customers that credit ‎and debit cards cannot be used to purchase cryptocurrencies‏ ‏‎as “it conducts a review of ‎the evolving market,” Financial Post reported. ‎

The US top banks, including JP Morgan Chase, Bank of America, and ‎Citigroup, have initiated the wave of bans earlier this month‎. It was followed by the UK’s lenders which last week ‎barred its clients from using bank cards to buy the virtual coins.‎

However, some major banks in Canada, including Royal Bank of Canada (RBC), still allow its ‎credit and debit cards to be used for transactions involving cryptocurrency “in limited ‎circumstances.” The country’s second-largest bank lender, though, cautioned investors about the ‎volatility of cryptocurrencies which “could expose them to substantially higher debt levels ‎than they are able to repay.” ‎