QuadrigaCX, Canada’s largest bitcoin exchange, is poised to become the world’s first publicly traded bitcoin exchange. It is set to trade under the public company name of “Quadriga Fintech Solutions” and its listing has been submitted and approved. Public trading is expected to commence with the Canadian Securities Exchange (CSE/CNSX) ticker symbol “XBT” by early April.
Last month, the company completed its financing and raised nearly $850,000 CAD — more than double their original pre-listing goal of $380,000. Four of Vancouver’s top brokerage houses, Haywood Securities, Jordan Capital Markets, PI Financial and Wolverton Securities, were involved in financing the deal.
Since the company will have to undergo a full financial audit, QuadrigaCX also is hoping to earn the title of the world’s most-trusted bitcoin exchange.
“We’re excited to be able to provide an unparalleled level of transparency by merging legacy financial audits with innovative blockchain technology,” said Gerald Cotten, CEO of Quadriga Fintech and co-founder of QuadrigaCX.
What does all this mean to the average Bitcoin investor?
“Many people purchase bitcoins in an effort to invest in the blockchain technology,” said Michael Patryn, co-founder of QuadrigaCX and now adviser for Quadriga Fintech Solutions. “The value of a bitcoin, however, is not tied to the value of the infrastructure of the blockchain.”
He went on to point out that while the value of a bitcoin dropped dramatically over the last year, $314.7 million USD in venture capital was being invested in the Bitcoin space.
With the advent of Quadriga Fintech’s digital currency exchange, investors can purchase shares of its stock on the free market. Quadriga Fintech, in turn, supports the Bitcoin infrastructure.
“People investing in Quadriga Fintech Solutions are investing in our trading platform, merchant processing system, and remittance platform. They are investing in a team which has demonstrated growth, dedication, and the expertise to excel while others have collapsed,” said Patryn.
In the early months of 2015, Canadian exchanges CAVIRTEX and Vault of Satoshi both announced that they would be closing down. Since then, QuadrigaCX has enjoyed a surge in new clients and activity, coinciding with a recent marketing push into international markets.
Patryn said that Quadriga Fintech plans on dual listing in Frankfurt, Germany, at some point in April. It will not, however, be trading in the United States, nor will it accept American investors at this time. The company is adopting a wait-and-see attitude for the moment until there is further regulation clarity south of the border.