Canada’s cryptocurrency trading platform Coinsquare has set its sights as exchange top-dog as it reveals that it is to get support from a Canadian Big 5 bank.

Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Toronto–Dominion Bank.

As the exchange enters the formal banking sector, it hopes to see an acceleration in withdrawals and deposits for its customers. This follows another leap forward for Coinsquare, who recently became one of the only cryptocurrency trading platforms globally to complete a third-party consolidated financial statement audit. This is a factor that the company hopes will boost consumer trust around the world and help it to fulfill its target to become the world’s most trusted crypto exchange.

An audit completed by a Canadian national accounting firm reported that the exchange’s statements were “free from material misinformation”.

Cole Diamond, the company’s CEO, suggested that the new relationship with a Big 5 bank reflected well on the entire cryptocurrency industry, not simply Coinsquare, whose motto is “Do Digital Currency Right”. Linkedin has already rated the exchange as the world’s most sought-after start-up, so recent developments can only be seen as another step towards its target.

Coinsquare is one of Canada’s principal crypto exchanges and also claims to be the nation’s most secure platform for crypto trading. Founded in 2014, the exchange has over 100,000 users. The exchange offers seven cryptocurrencies and four fiat currencies: the British pound, Canadian dollar, euro, and US dollar.

In another recent announcement, the exchange revealed it was opening up to the European market, offering the same services it has to its North American clients, with Bitcoin, Bitcoin cash, Ethereum, Litecoin, XRP, Dogecoin and Dash all available for trading. Until recently, the exchange had only been available to Canadian citizens or those with residency.

As yet, Coinsquare has not announced which of the Big 5 it has on board.

 

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