November 2, 2021 culminated years of hard work as CoinSmart finally went public and became listed on the public markets. While it may be a culmination of some serious milestones it really is just the starting line for myself, the company and all our incredible clients. So today, as we stand on the very precipice of this momentous occasion, allow me to tell you why we are taking this huge step.
#1 Business Transparency
The first reason is pretty self-explanatory – going public I hope fosters the ultimate trust in all our clients, knowing that our business and operational practices will be transparent. We are proud to be one of the stalwarts of the Canadian crypto ecosystem. We believe that it is a privilege to carry the flag and represent our country in this hugely innovative and fast-moving space.
However, I personally think that the crypto-ecosystem won’t reach its true potential until it has ultimate trust and transparency.
Going public forces this transparency and we are now legally required to be held accountable to the highest of standards. We will need to legally disclose:
- Annual audited financials and quarterly reporting from a tier 1 accounting firm
- Disclose instances of insider trading
- Disclose ownership changes
- Conduct public filings for mergers and acquisitions.
Of course, this isn’t an exhaustive list. There will be several more business practices that we will need to integrate that better serve the purpose of complete transparency. Plus, stakeholders and their best interests will also become an essential part of our future operations.
#2 Regulatory-First Approach
I truly believe that the future of crypto lies in us working hand-in-hand with regulators. As my co-founder Michael Koral puts it:
“The ethos of cryptocurrency has always been its decentralized nature, however, as a crypto trading platform, we see a huge opportunity in cooperating with regulators to ensure Canadians have a safe and trustworthy platform to trade crypto assets.”
In fact, on October 22nd, we were granted restricted dealer registration with the Ontario Securities Commission and all other Canadian Securities Administrators members. This – along with us going public – makes it imperative that we follow business practices that are by the book and are held accountable for unethical actions.
Now, what does this mean for you? Simply put, your funds are safe with CoinSmart. We have a legal and regulatory obligation to provide you with the best possible service.
#3 Bridging The Gap Between Crypto And Traditional Finance
It seems like the crypto world, and the traditional finance world has been engaged in a contentious battle for a long time. I think that we will better serve the future if these two schools of thought come together and provide one unified ecosystem where everyone has the opportunity to grow and thrive.
CoinSmart going public serves the same purpose:
- Crypto clients can keep buying their favourite coins on CoinSmart while knowing they are using a highly regulated and transparent platform.
- Non-crypto users who don’t want direct exposure to cryptos but are still interested in the ecosystem can buy shares of CoinSmart (SMRT). This will help them get more comfortable with the space before they are finally ready to take the jump into crypto.
#4 Access To Growth Resources
Finally, going public gives CoinSmart an additional avenue for growth capital. Every day traders interested in the development of the Canadian crypto-economy can now financially back an emerging crypto company that the OSC has already approved.
This gives us more resources to build a better product, grow faster and ultimately make cryptocurrency accessible to everyone. You’ve trusted us with your cryptocurrency trading needs so far, now you also have the unique opportunity to invest in our company and our technology.
As you can imagine, this has been a massive step forward for us as a company. Our team is fired up and ready to step up to the plate, and I have complete faith in their ability to do so. So, let the trend be our friend, and join us as we start this new chapter.
Justin Hartzman – CEO