Coinsquare, a Canadian cryptocurrency exchange, announced on Tuesday its plans to expand into the Japanese market. According to reports,this is just the beginning in Coinsquare’s plans to venture into Asian markets.
Coinsquare will open the new exchange in Japan jointly with venture capital firm Dlta21x formally Protos Blockchain Corp. The new exchange will operate under the Dlta21x brand name based on the regulatory approvals required for operation by Japanese authorities. Dlta21x Blockchain Corp, a global blockchain investment bank, through its Executive Chairman B. Matthew Hornor, said they were delighted to work with Coinsquare on the project.
Coinsquare also announced the official launch of Coinsquare licensing. According to the company, the licensing will allow both domestic and international businesses to offer a digital currency trading solution powered by Coinsquare’s technology. Coinsquare Licensing has partnered with businessesto offer an API solution which will be easy to integrate into new or existing applications. During the announcement, the company’s CEO, Cole Diamond,also revealed that they have partnered with a few businesses in the European Union (EU) and Canada to launch white-labeled platforms.
Earlier this year, Coinsquare started making plans to expand into other markets. The exchange divulged to the public their plans to conduct an initial public offering in September. The exercise will be aimed at mobilizing more funds to help its expansion to overseas markets. Other than the Asian market, Coinsquare also plans to expand into the U.S. and the UK markets.
The two companies opted for the Japanese market for various reasons. First, Japan offers a favorableenvironment to crypto trade compared to most cryptocurrency markets in Asia. So far, 16 crypto exchanges have been approved to operate in the country. Secondly, the country has a good legal framework for crypto trade. However,Financial Service Agency (FSA) in Japan tightened up the rules when Coincheck got hacked earlier this year. FSA reported that cryptocurrency operators are still interested in setting up shop in Japan despite the strict rules.
Coinsquaresaid to be Canada’s most secure digital currency platform for cryptocurrencies including BTC, Ethereum, Dash, Litecoin and other currencies.