Quadriga Bitcoin Exchange Going Public: What This Means

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Last updated on October 17th, 2017 at 01:00 pm

Launched in 2013, Quadriga has emerged as a potential market leader in Canada’s slim bitcoin exchange field. Quadriga has announced it has opened an agreement that will find the exchange debuting on the Canadian Securities Exchange (CES) next month.

The news closely followed a meeting for the shareholders on March 2nd. Recently, a decision by the Supreme Court of British Columbia was also made to allow Quadriga to perform a reverse takeover of the shell company Whiteside Capital Corporation.

Co-founder Michael Patryn noted that the move will would provide Quadriga with more funds while also fulfilling the growing demand for investments related to bitcoin in Canada.

When the merger follows through, Quadriga will consume Whiteside and become a public company under the new name Quadriga FinTech Solutions Corp. This will allow Quadriga to be the full owner of Whiteside Capital and the bitcoin exchange subsidiary, Quadriga CX. The end result of the deal is that Quadriga will no longer be owned by Blueprint Corporate Services, the firm that helped it raise its initial capital funding. The maneuver to take the company public has been in the works for some time, as it has been entering into a private placement with Whiteside around November 2014.

The plan has details about the exchange’s planned business operations, including its insights into how it plans to expand the currency exchange, remittance and its merchant services. Portions of the report provide details as to how the exchange is performing, including the fact that it has 5,000 users and processes C$60,000 in exchanges per day.

Quadriga also said that it is in talks with two unnamed online gambling websites to become their sole bitcoin-fiat processing provider. This would greatly help the exchange as the Canadian market grows more and more bitcoin friendly.

Just in the past few months, CAVirtex and Vault of Satoshi, both two of the oldest and most visible Canadian bitcoin exchanges, closed down their operations.

– Source: CoinDesk

Coinbuzz

CoinBuzz provides news and analysis on Bitcoin and other digital currencies. Founded in 2014, the site has quickly become a leading source of information on digital currency technologies, businesses, markets, and regulation.
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