One of Canada’s main cryptocurrency exchanges, Toronto-based Coinsquare, has announced it has secured a banking partnership with on of Canada’s top five banks.
While today’s press release didn’t disclose the name of the bank, Betakit’s quick investigation of the wire transfer process through the company’s service confirmed that it is BMO.
“This is a tremendous boost not only for Coinsquare but for the entire Canadian cryptocurrency industry,” said Cole Diamond, CEO of Coinsquare.
“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.”
The relationship comes on the heels of another major step forward for Coinsquare, who recently became one of the only cryptocurrency trading platforms in the world to successfully complete a third-party an organization-wide third-party consolidated financial statement audit.
The audit, completed by a national accounting firm, expressed an “unqualified opinion”, meaning that all of Coinsquare’s financial statements are “free from material misstatement.”