Newnote Financial Corp., a Vancouver-based cryptocurrency and bitcoin company, has announced the acquisition of the bitcoin exchange Cointrader.net, the point-of-sales provider CoinZero, and an ATM network. They now plan to expand their influence on the Canadian market.
The total sum Newnote has paid amounts to $1.5 million in a combination of cash and stock. Newnote claims that the move has made the company the leader of cryptocurrency space in Canada.
Company President and CEO Paul Dickson commented on the landmark deal:
The Vancouver-based exchange Cointrader currently trades bitcoins for CAD and USD. The company plans to enter the US and European markets later this year with the help of their partner Vogogo Inc., offering customers a direct bank transfers service. A month ago, Bank of Montreal closed all Cointrader customer and corporate accounts, which made the startup consider moving their operations overseas due to the unfavourable regulatory climate in Canada.
CoinTrader also operates nearly 1,000 networked Bitcoin ATMs (in Canada, the UK, Japan, and Singapore). The acquired ATMs in Tokyo and London use the programming interface of Cointrader.net and are linked to the order book of the online stock market .
CoinZero’s POS system enables retail merchants and online businesses to accept Bitcoins in exchange for their products.
CoinFox reported earlier this month that a Canada-based company QuadrigaCX received considerable investments from Vancouver’s top brokerage houses last month and has raised about $850,000 CAD and plan to start public trading with a Canadian Securities Exchange ticker symbol XBT from early April.