Events

Erik Gibbs

Coinsquare CEO Cole Diamond talks future of exchanges at CoinGeek Toronto 2019

Coinsquare is the leading cryptocurrency exchange in Canada that has reached its level of success by understanding what is needed to appease both regulators and consumers alike. It is one of the few exchanges that is dedicated to being approved by regulators not just in Canada, but around the world. The company’s CEO, Cole Diamond, was on hand at the recent CoinGeek Toronto 2019 conference, and dove into what the company is working on, where exchanges are going and why Bitcoin SV (BSV) is going to be a huge part of the future for digital currency.

In his presentation, Diamond explained that Coinsquare started with a simple concept—to let consumers buy and sell cryptocurrencies. He found the exchange when looking to make some purchases, and later decided to invest after he determined that he liked what he saw. Since then, the company has ramped up its operations in order to overcome certain obstacles found in financial services markets. Banks have too much control and there aren’t enough ways for international investors to invest their assets.

The introduction of the initial coin offering (ICO) was seen as a way to facilitate those investments, but there was a major problem—they didn’t offer any consumer protection (2:22). As has been seen numerous times throughout the world, there have been plenty of ICOs that were nothing more than fraudulent schemes and, fortunately, the ICO space is all but banished to the far ends of the desert, away from everyone.

Now, we’re entering a new world, one that is more mature, more evolved. Better protections are being offered and consumers are a little safer. But, there is still a long way to go. This is why Coinsquare is working with regulators in Canada and elsewhere, dedicated to avoiding the issues seen with some other exchanges, such as Binance, which is content with ignoring regulations and does whatever it wants.

Coinsquare’s idea is to become the “Mother of all Fintechs.” Before the end of the year, it expects to be able to offer investment opportunities in new security products, new fiat-backed stablecoins and certain digital currencies. It will also be able to offer fractional ownership in the products, and expects to have approval by regulators in Canada and the U.S. and, perhaps, the European Union, as well.

This concept will bring with it, over the next couple of years, the ability to offer virtually everything a financial services market offers—mortgages, loans, credit cards and more. They will have real value to consumers through extremely lower fees than current financial options, better stability and greater intuitiveness.

BSV is going to play a major role in the future of financial offerings. As Diamond explains, BSV’s ability to massively scale and offer incredibly fast transactions speeds are going to be important to its growth. Diamond, who saw what Coinsquare could become and has made it happen, sees what BSV developers can do and asserts that they’re “on the right track” with facilitating growth to make the ecosystem more cohesive and more useful. (14:10)

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