Another Canadian bitcoin exchange will be going public after Newnote Financial Corp acquired Cointrader.net for CAD $1.5 million ($1.18 million) in cash and stock.
Newnote Financial, formerly Winrock Resources, engages in a variety of cryptocurrency related ventures. It is publicly traded on the Canadian Securities Exchange (CSE), a rough equivalent of the US OTC markets, where it also traded. It is also listed on the Frankfurt Stock Exchange. It currently trades at CAD $0.19 per share for a total valuation of CAD $5.77 million.
CoinTrader has reportedly enjoyed recent growth, possibly helped by the recent closures of fellow Canadian bitcoin exchanges Vault of Satoshi and CARVIRTEX. Earlier this year, it added a CAD order book. Its earlier partnership with payment processor Vogogo is expected to help it gain clientele in the US and Europe.
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Another Canadian exchange,QuadrigaCX, also recently announced plans to go public on the CSE. If plans proceed, the teo exchanges will be the first to be publicly traded.
Newnote had been reportedly working on its own trading platform, PureTrade, but it now redirects to CoinTrader.
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.