Toronto’s Newton Crypto today announced that it has completed a $25 million Series B funding round, led by the partners from DV Chain and with participation from Shopify co-founder Tobias Lütke’s Snowdevil Capital.
Newton operates a trusted low-cost crypto asset trading platform for Canadians, offering a simple and easy way for individuals to on-ramp and off-ramp fiat, buy and sell crypto from a list of over 60 crypto assets, and withdraw or deposit crypto assets, on any device, with access to some of the best prices for crypto assets in Canada.
This latest oversubscribed round brings Newton’s valuation to approximately $253 million, reflecting the company’s growing customer base and market share.
Other investors in the round included CI Financial, Singh Capital Partners, Anthony Pompliano, and Victoria’s Tiny Capital.
“Through this financing, we are thrilled that we were not only able to grow our relationships with existing partners and attract new top-tier investors, but also welcome CI Financial as a strategic investor,” said Dustin Walper, Newton’s Co-Founder and CEO.
“Crypto is becoming a mainstay in the traditional financial system, and we are working hard to position ourselves as the future of fintech. Our goal is to be relentless when it comes to offering low-cost access to a wide selection of crypto assets. We know that retail investors and newcomers have found the investment process intimidating with a high bar to entry, but at Newton we have simplified that process and brought access to all those looking to participate in the crypto boom.”
Newton will use the proceeds from the Series B Financing to further develop its technology, platform and infrastructure; attract new talent in all areas of the company; grow its marketing and distribution channels to enhance user acquisition, and for general working capital purposes.
CI’s investment shows that the money manager is moving deeper into crypto after launching multiple crypto ETFs in the last year. “This investment in Newton reinforces CI’s commitment to strengthen our leadership position in digital assets in Canada,” said Darie Urbanky, President and Chief Operating Officer, CI Financial.
“Cryptocurrencies and blockchain are transforming the world of finance, and we’re excited to expand access for investors to this growing category.”