Coinsquare, a Canadian Crypto exchange has said that it is about to enter the Japanese market and is waiting for approval by the financial regulator in the country. The exchange will use the Dlta21x brand to enter the market. Although the exchange will first concentrate on the Japanese market, plans are underway to expand to other countries in the region.
Coinsquare To Be Available In Japan
On Tuesday, Coinsquare made an announcement that it is planning to provide exchange services in the Japanese market. The exchange confirmed that it will use Coinsquare Licensing to enter the market. The exchange will work with Dlta 21 Blockchain Corp (Dlta21), previously called Protos Blockchain Corp. The two companies revealed that Coinsquare will launch under the Dlta21 brand name as it has already been approved by the Japanese authorities.
On the same day, Coinsquare also announced the launch of Coinsquare Licensing. The licensing is crucial as it will allow local and international businesses to use Coinsquire’s technology products to provide Cryptocurrency powered solutions. The exchange also announced that it has partnered with various firms in the EU and Canada to launch white-labeled platforms.
About The Two Coinsquare And Dlta21
Coinsquare was launched in Canada in 2014. The exchange allows users to trade using BCH, DOGE, DASH, BTC, LTC, and ETH. The company claims to be the most secure Cryptocurrency trading platform in Canada. It further claims to have 95 percent cold storage policy on all Cryptocurrencies. Apart from the exchange, the company mines coins at the Coinsquare Mining in Québec.
Dlta21 is a venture capital company that deals with Blockchain startups. The company mainly finances businesses dealing with the stage distributed ledger technology. According to its website, the company uses advanced quantitative algorithms to manage the Crypto trading operation.
Expansion To Other Asian Markets
The two companies released a joint statement saying that currently; Dlta21x will mainly focus on the Japanese market. The new company will, therefore, consider the applicable rules, regulations, and restrictions in the country. However, the firm is planning to enter the other markets in the region soon.
At the beginning of this year, Coinsquare revealed plans to launch an
initial public offering in September. The exchange is looking for financiers of its overseas expansion program. The companies CEO Cole Diamond told the Financial Post that plans are underway to enter the U.S. and the U.K. markets. He added that the company believes that by the end of this year, it will stage a strong competition against Coinbase and other exchanges in the country.
Japan’s Crypto Market
Japan has experienced a tremendous increase in Crypto exchanges in recent times. Currently, there are 16 government-approved exchanges in the country. There are also several “deemed dealers” that are already operating Crypto platforms as the Financial Services Agency (FSA) reviews their applications.
Recently, FSA has been more strict especially after the attack on Coincheck in January. The agency has already sanctioned several dealers and requested about six licensed exchanges including Bitflyer to enhance their businesses. Despite the agency being so strict, it has revealed that over 100 Crypto operators have applied to enter the Japanese market.