A Canadian exchange, Coinsquare, is preparing to make a foray into the Asian markets. Specifically, the company together with their partner DLTa21, a global blockchain investment bank, is targetting Japan. The end goal is to establish a centralized cryptocurrency exchange based in Japan and beyond.
Cole Diamond, CEO of Coinsquare, noted that “Working with a world-leading investment firm like DLTA 21 to bring a safe, secure, easy digital currency buying and trading experience to Japan is a thrilling next step in Coinsquare’s mission.” The company also revealed that it is working with some businesses in the EU and Canada in order to launch white-labeled platforms.
Matthew Hornor, Executive Chairman of DLTa21, said, “We are delighted to collaborate with Coinsquare as our strategic digital currency trading platform partner in Japan.”
This cooperation is expected to be fruitful, as DLTa21 has specific expertise that Coinsquare could benefit from and offices both in Canada and Japan. The sides plan to share responsibilities with Coinsquare dealing with the infrastructure while DLTa21 will ensure that the project complies with the Japanese law.
The Japanese market is a tricky one. Currently, 16 exchanges operate on it under the auspices of its watchdog, Financial Services Agency (FSA) which has tightened the regulations following the Coincheck hack in January and banned privacy-based coins like Monero and Zcash. Yet it remains a popular one with Line Corp attempting to enter it. The biggest exchange on the Japanese market at the moment is Bitflyer.
Despite this, Diamond is hopeful and says that “Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”
Prior to this announcement, Coinsquare revealed that it will hold an initial public offering before it is listed on the Toronto Stock Exchange . The target is $120 million which will be used for market expansion across the world. The company is interested in the American and British markets.
The Canadian exchange is highly ambitious and is willing to compete with Coinbase and other exchanges in the U.S. by the end of the year. At the same time, the largest American crypto exchange platform has announced that it considers adding new coins.