Coinsquare, the Canadian cryptocurrency exchange has launched its first television commercial ad as it embarks on building a strong customer base before going public later this year.
The exchange, which is commonly referred to as “Canada’s Coinbase”, unveiled a commercial ad that will be airing on television.
In the ad, Coinsquare is described as the most secure cryptocurrencies trading platform. The ad attempts to build the reputation of the exchange as a trustworthy and dependable alternative to the several scams as well as other cautionary tales that have been going around regarding the industry.
The ad campaign’s timing is strategic, give that consumer interest in digital currencies has dropped in the last few months following a sharp market recession which started late last year. The ad coincides with the Coinsquare’s plan to expansion into the international market as well as initial public offering (IPO).
At the start of this year, Coinsquare indicated that it intends to go public in the course of the year through a public listing on the Toronto Stock Exchange. The company is hoping to raise around $120 million, funds that will be used to finance its expansion in the UK and US.
Speaking to Bloomberg in January Cole Diamond, the Chief Executive Officer of Coinsquare said their next target is the UK and US markets. He added that they intend to build and expand and be in a better position to compete with Coinbase and other exchanges in the US market.
However, although it hopes to put up a lot of completion with Coinbase in the future, Coinsquare currently handles very little volume of trade compared to Coinbase.
Currently, Coinsquare is rankled at position 95 in the world among the largest exchanges and has a daily trading volume of $1.7 million. This is according to CoinMarketCap data. It ranks third among the exchanges that offer CAD trading pairs it ranks behind LakeBTC and QuadrigaCX.
Although this is not the first digital currency to go public, Coinsquare will be the first one to use the traditional means of public listing. This process is very long and has a lot of regulatory requirements.