A new cryptocurrency exchange for “crypto-curious” Canadians was launched yesterday.
— cryptozapper (@cryptozapper) July 17, 2018
CoinSmart advertises itself as a cryptocurrency exchange that “you can actually understand”.
The website boasts round the clock support, bank-level security, the ability to “get the coins you want in one click” without having to worry about trading pairs, and a pure pedigree:
It also advertises cold storage and a wide selection of coins. Specifically, displayed on the website are Bitcoin, Ethereum, Litecoin, Ripple. Bitcoin Cash, Dash, and Monero.
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A somewhat unique feature is that it allows the purchase of coins with Canadian dollars. According to the website, the minimum deposit amount is 100 CAD, and the maximum is 300,000 CAD. Customers can be verified in minutes, but all deposits and withdrawals require the customer to provide a phone number, address, name, government-issued photo ID, and a selfie.
CEO Justin Hartzman told ETHNews: “As a long-standing cryptocurrency investor, I have experienced first-hand how Canadians are under-served by existing exchanges. Platforms are unnecessarily complex, lack personal touch, and do not provide the tools and service support that consumers deserve.”
Cryptocurrency in Canada
Coinsmart is located in Toronto, which is in the region of Ontario. In June 2018, a study found that only 5 percent of Ontarians owned any cryptocurrency (approximately 500,000 people) and roughly half of these purchased them in the hope of making a profit by selling at a higher price.
Starting from the beginning of 2018, Chinese Bitcoin mining companies have been looking to Canada as a new base of operations after China became hostile to them. Canada is a good location for cryptocurrency mining because its cold climate is a good for the efficient running of mining computers.
The province of Quebec specifically was interested in luring such businesses. However, by June it was forced to halt applications because they were using up all the electricity.
In the end, the regional government proposed that mining companies be allowed to operate under strict limitations and only if they commit to creating jobs for Canadians and paying a higher sum for their electricity.