Another Crypto Exchange Is Going Public
This time it’s upstart Canadian exchange Coinsmart.
Congrats to our partner @CoinSmart on listing on the Neo exchange in Canada!
The company will start trading tomorrow.
Ticker: $SMRT https://t.co/0q776kXRYX
— greenfinance ???? (@_greenfinance) November 1, 2021
Canadian crypto exchange CoinSmart announced that it will commence trading on the Canadian NEO exchange today at 9:30am. Shares of CoinSmart will trade under SMRT. By going public, CoinSmart puts itself on a shortlist of publicly traded exchanges with Coinbase and Bakkt.
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- CoinSmart is based out of Toronto, Ontario. Founded in 2018, it now serves customers in over 40 countries worldwide. Currently, it plans to expand its operations into Estonia.
- The exchange recently was approved as a Restricted Dealer by Ontario Securities Commission (OSC). The move was necessary in order to operate under securities law in the province.
- Last spring, the OSC began targeting international crypto exchanges that were allowing margin trading in the province. Several high-profile exchanges have since blocked users from accessing their sites like Binance, OKex, and FTX. However, since then Canadian exchanges like CoinSmart, Coinberry, and Netcoins have been able to take advantage of the “void” left by regulators.
- Other big name exchanges have long discussed going public but have yet do so. US exchange Kraken says they could go public by 2022. While the Wall Street-friendly Gemini (owned by the Winklevi) has no public timeframe for when they might go public, but the twins have said they are “open” to it.
- Coinbase’s listing was a huge success. Though COIN is down from its high of $429 USD (currently trading in the $330 range), shares of the US exchange are still in high demand from institutional investors like Goldman Sachs, which considers Coinbase stock a “buy.”
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