The Canadian Bitcoin industry has been slow to build, and it has stumbled along the way. All the same, it is looking to grow massively and soon, and there was no better expert to explain the oncoming storm of Canadian crypto adoption than Cole Diamond, CEO of Coinsquare exchange, who joined Becky Liggero at the recent CoinGeek Toronto 2019 scaling conference.
Part of the Canadian aversion to crypto has been tied to a commitment to more stable investments. “You’re talking about a market that is traditionally, incredibly safe,” Diamond explained. “Like almost every Canadian is 100% focused on the real estate market or buying mutual funds. So, it’s taken a little bit longer for this market to take off to this space, but the underlying interest is unbelievable.”
The interest in investment, as the market shakes off dark coins and proves it can be a better place to put your money, will draw in the average Canadian. “Like anywhere else in the world, there’s a tremendous amount of excitement, there’s a tremendous about of greed, I’ll call it what it is,” Diamond said. “And that’s started to buckle up quite significantly. Not to mention, in Canada, you got a number of public companies, probably the most in the world, in this space, that’s attracted quite a bit of interest. So I think, as we move into the next bull run, Canada’s going to be at the heart of everything.”
Before any of that could start though, Canada had to experience its share of setbacks, with QuadrigaCX being a notable example. “Coinsquare is vocal about pro regulation for this space,” Diamond noted, going on to explain how his company won’t repeat the same mistakes. “Coinsquare’s in the process of applying for broker dealer and ETS registrations in Canada and in the United States. We believe that we got to do a lot of clean up in this market, get the wrong actors out, get the right actors, have a prominent focus so we can scale efficiently and what people are used to in the financial services market.”
Coinsquare wants to maintain its neutral position in the crypto industry, but Diamond will admit to having an admiration for Bitcoin SV (BSV). “I’ll tell you what I’m really excited about, about BSV, and that’s its ability for massive scale,” he told Liggero. “You got a much tighter, stronger code base, the original Satoshi Vision, smaller code base means better opportunity. The right team looks like it’s in place in order to make it real. And a platform like Coinsquare needs to make sure that it’s delivering for its customers in the most fast, efficient manner possible, so we need massive scale. So we’re probably going to need BSV as a key piece of infrastructure in the future.”
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