Canada has been on the Crypto craze since Bitcoin floated its whitepaper in the universe over a decade ago. As a country we tend to adopt new technology pretty quickly in comparison to most nations. Canada became the first nation to establish laws addressing cryptocurrency back in 2014 when it became obvious digital currency was here to stay and Canadians would likely be at the forefront of adoption.
Retail and Institutional Investments have helped Canadian Crypto Currency growth
CoinSmart jumped on the scene in 2018 and is one of the few crypto asset trading platforms in Canada to be registered as a securities dealer with the Ontario Securities Commission at a time when the digital asset industry continues to rapidly expand.
CoinSmart describes itself as a place in Canada that is making cryptocurrency accessible to all. Chief Executive Officer, Justin Hartzman, says he strongly believes in the promising future cryptocurrency has to offer. “It is part of any well balanced portfolio of investments”, says Hartzman.
Regulated exchanges are the norm now with “Know Your Customer (KYC)” protocols that follow the traditional financial regulatory rules. This has been good for crypto exchanges who now benefit from an investment base beyond retail individual investors. A growing number of institutional investors are buying Bitcoin which has led to rapid and massive adoption.
Ontario Securities Commission registered securities dealer
CoinSmart is listed and trading on the NEO exchange here in Canada. It shares a dual listing on the Frankfurt exchange in Germany and today CoinSmart announced the release of its audited consolidated financial statements for 2021 and its no surprise things are looking bright.
“2021 was a very exciting year for CoinSmart. Even though we were navigating a new ‘normal’ and COVID continued to play a big part in our everyday lives, we saw an increased demand for crypto and its adoption worldwide. Rather than taking a backseat and waiting for things to fall in place naturally, we embraced innovation head first.”
Justin Hartzman, CoinSmart CEO
CoinSmart CEO, Justin Hartzman went on to say the exchange quadrupled their business and strengthened their balance sheet last year. After receiving a restricted dealer and marketplace registration it entered the public markets while remaining profitable.
Hartzman defers success to “the incredible team that I have built at CoinSmart.”
CoinSmart’s 2021 Highlights:
- 2021 Gross Revenue reached 16.7MM growing 357% YoY
- Company Treasury reached approximately 22MM growing 406% YoY
- Registered Users reached over 183,000 growing 612 % YoY
- Retail Trading Volume grew by 875% YoY
- Assets Under Management (AUM) reached a record $74MM
- Adjusted EBITDA1 of approximately 2.1MM growing 216% YoY
- No Debt
Other CoinSmart 2021 Corporate Highlights
- 1 of only 2 crypto asset platforms to be granted status as a marketplace by the Ontario Securities Commission and all other securities regulators across Canada.
- The only crypto asset trading platform to not only be publicly listed in Canada and Europe but to also have its marketplace registrations
- 1 of 5 crypto asset platforms approved as a restricted dealer by Ontario Securities Commission and all other securities regulators across Canada.
- Expanded its Retail and Over the Counter Trading to additional European Countries.
- Launched new iOS and Android Mobile Apps.
- In February, issued $4.5 million of convertible debentures (which were converted into common shares on October 27, 2021
- Completed listing on NEO exchange including a concurrent subscription receipt financing for aggregate gross proceeds of $12,642,900.
CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and omni-channel customer support. The company will do this by offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services.
