While most financial institutions shun creating a working relationship with cryptocurrency entities, a few are more open to the idea and realize the role digital currency plays in the evolving financial world. Such is the case with one of Canada’s “Big 5” banks, which recently embraced crypto trading platform Coinsquare. The move is reportedly one of the first examples of a partnership between a bank and a crypto company in Canada.
Coinsquare announced the new partnership in a press release at the end of last week, but didn’t specify which of the five banks was involved. The endeavor will make it easier for Coinsquare’s users to deposit and withdraw funds, as well as serve as a foundation for the company to grow internationally.
Coinsquare CEO Cole Diamond said, “This is a tremendous boost not only for Coinsquare but for the entire Canadian cryptocurrency industry. At Coinsquare, our motto has always been to ‘Do Digital Currency Right’. This announcement is one of many examples of how institutional third party partners put their faith in our approach to the cryptocurrency business. We’re thrilled to start a relationship with a major Canadian bank and we’re excited for what it means for our users.”
One of the actions that helped the exchange secure its financial partnership is its recently completed independent audit. It was the first time since 2014 that the company has been audited by an outside firm and the results were significant in boosting the level of confidence seen by the company. Coinsquare is now one of only a handful of crypto trading platforms in the world to have completed an organization-wide audit by an outside company.
Ken Tsang, Coinsquare’s CFO, added, “Successfully completing an audit and starting a relationship with a top-tier bank helps us push forward on our vision to be the most trusted cryptocurrency platform in the world.”
Coinsquare has continued to grow rapidly this year and has received positive accolades for its platform. In a LinkedIn poll earlier this month, it was recognized as the second most sought after startup, based on data that the site collected from its entire user base. LinkedIn also referred to the company as the fastest growing startup in its ranking.