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Canadian crypto firm CoinSmart hunts for deals amid industry turmoil

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But Toronto\u002Dbased company hasn’t been immune to the market collapse that has pushed some into bankruptcy. Read more here

The crypto-asset trading platform is sifting through distressed assets, custodial-services firms and other exchanges and payment platforms, Hartzman said in an interview.

The Toronto-based company hasn’t been immune to the market collapse that’s pushed some lenders and hedge funds, such as Three Arrows Capital, into bankruptcy. CoinSmart’s shares have lost about three-quarters of their value this year, shrinking its market capitalization to just $14 million. That’s a fraction of Coinbase Global Inc., which has also tumbled on increased scrutiny from U.S. regulators.

Listed in Toronto and Frankfurt, CoinSmart’s transactions exceeded $1 billion last year, and the firm has 250,000 registered users, according to the CEO. The company went public in November, when crypto trading was surging, after obtaining licences from the Ontario Securities Commission .

 

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