According to information shared with ETHNews, CoinSmart, a Canadian cryptocurrency exchange, officially launched today. The company says it aims to "solve the pain and confusion of purchasing cryptocurrency for Canadian investors," and that it was built with both the "crypto curious" and experienced investor in mind. As part of its accessibility efforts, the platform reportedly includes an easy-to-navigate interface, educational material, and around-the-clock support across various channels.
Some specific features include a tax-time reporting tool to help users calculate their taxable income and capital gains, as well as the ability for investors to make transactions with coins not paired with Bitcoin or Ethereum. In fact, the company says users can purchase any listed cryptocurrency with the Canadian dollar, thereby decreasing the need for such a pairing.
As of launch, the platform is compatible with bitcoin (BTC), Ether (ETH), bitcoin cash (BCH), Litecoin (LTC), Dash (DASH), Monero (XMR), and EOS. More altcoins will apparently be added on an ongoing basis.
CoinSmart's CEO, Justin Hartzman, commented on the need for an accessible Canadian crypto exchange:
"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. We used these issues as our design motivation and trust that CoinSmart fixes all these concerns allowing any investor – first time or not – to truly feel comfortable and secure."
The company joins the ranks of other Canada-serving crypto exchanges, such as Coinbase, Kraken, and Canadian Bitcoins. CoinSmart, however, is apparently attempting to shake up the Canadian crypto market with its focus on consumers' ease of use.
The addition of CoinSmart follows the release of two Canadian crypto reports. A survey published in June titled "Taking Caution: Financial Consumers and the Cryptoasset Sector" asserts that Ontarians are cautious about crypto. Perhaps the accessibility issues Hartzman claims exist in the Canadian crypto market help to inform this circumspection.
However, a staff analytical note published this month by the Bank of Canada, the country's central bank, points to increased bitcoin knowledge and usage across the country. Of course, the findings specifically relate to bitcoin rather than cryptocurrencies in general, but it is notable that the two reports somewhat contradict one another (although, both do mention that participation in the cryptospace occurs among a relatively small fraction of the Canadian population). The bank's study raises the question: What is the "true" state of Canadian crypto exchanges, and is there a need for companies to address accessibility?
In any case, CoinSmart's launch today marks another step toward overall crypto awareness in the country.
ETHNews does not endorse CoinSmart or any other blockchain-related project.