Coinsquare, one of Canada’s biggest digital currency exchanges, has launched a TV Ad campaign in a bid to attract more users before going public later this year.
Often touted as Canada’s Coinbase, the exchange’s 30-second commercial attempts to establish Coinsquare’s reputation as a trustworthy venue compared to the scams and other cautionary tales. It begins with ’So you want to get in to cryptocurrencies’ and ’There are a lot of scams out there’. In the end, it invites potential clients to ‘Invest with Pros. Not cons.’ while describing the Toronto-based exchange as “Canada’s most secure platform” for trading cryptocurrencies.
Coinsquare aims to be a strong competitor to Coinbase though it currently handles much less trading volume than its US rival. According to CoinMarketCap, Coinsquare ranks as the world’s 95th-largest crypto exchange with a daily turnover of nearly $1.6 million. Among exchanges that offer Candian dollar transactions, they are the third largest exchange, behind LakeBTC and QuadrigaCX.
Coinsquare 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.
“The United States and the U.K. market are next,” Coinsquare Chief Executive Officer Cole Diamond told Bloomberg, adding he believe that the exchange will be “a strong competitor to Coinbase and other exchanges in the U.S. by the end of the year.”
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 last week 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.
Coinsquare is a trading platform that was built on the same technology as the New York Stock Exchange, including the QuickTrade trading feature. It currently supports transactions of various virtual coins including Bitcoin, Ethereum, Dash, Litecoin, Dogecoin and much more.