Coinsmart is a cryptocurrency exchange in Canada, which was officially launched yesterday. The company’s motive is to “solve the pain and confusion of buying crypto for Canadian investors“. It is designed for an experienced investor and the crypto curious traders as well.
Due to the international regulatory drive to maintain the tax evasion and the lack of authoritative guidance, traders are anxious about handling the reports themselves. Also, the firms always pop up to knock the demand with several solutions.
New Digital Exchange for Canadian Tax Payers
Coinsmart is a startup, offering a tax-time reporting tool for clients to determine their capital gains and taxable income. It automatically generates the report for both “fiat-to-crypto” and “crypto-to-crypto” transactions.
Justin Hartzman- the CEO of Coinsmart said on the need for an available Canadian digital exchange:
“As a long-standing cryptocurrency investor, […] Canadians are under-served by existing exchanges”. “Platforms are […] providing the tools and service support that consumers deserve. We used these issues as our design motivation […] allowing any investor —first time or not— to truly feel comfortable and secure.”
The exchange allows the investors to transact with coins not only limited to Bitcoin and Ethereum. Coinsmart has outlined its strategy by allowing users to buy any crypto with the Canadian dollar. This specifies that the users do not require the standard pairings anymore.
Users Can Buy Any Coin without Using BTC and ETH
Coinsmart currently offers
- Bitcoin [BTC]
- Ethereum [ETH]
- Litecoin [LTC]
- Bitcoin Cash [BCH]
- Ripple [XRP]
- Monero [XMR]
- Dash [DASH]
The company promises that they are planning to roll out more altcoins on an ongoing basis. Users can fund their accounts via Canada’s Electronic Money Transfer (EMT) system, fiat, Flexepin, Electronic Funds Transfer (EFT) with intent to introduce credit card and various gift card funding options.
Interestingly, it allows the user to purchase any cryptocurrency in the list directly with CAD, without pairing BTC or ETH. Investors can switch between cryptocurrencies while Coinsmart tackles this on the back-end.
Coinsmart joins the ranks of several Canada-serving digital exchanges, such as Kraken, Coinbase, etc. The platform, however, is trying to shake up the Canadian crypto market with the focus on client’ ease of use.
What will be the next offer from this new Canadian Exchange? Will Coinsmart become the next game changer? Share your thoughts in the comments section below.
Image Source: Coinsmart