Canadian Bitcoin exchange, QuadrigaCX, has become the next Bitcoin company to announce its going public.
Starting in April, it will be listed on the Canadian Securities Exchange (CSE), a rough Canadian equivalent of the OTC markets south of the border. The CSE offers simplified reporting requirements and reduced barriers to listing. It is favored by micro cap and emerging companies.
It will be listed as Quadriga Fintech Solutions under the ticker symbol XBT, which is also commonly used to abbreviate bitcoin as a currency.
It has been a busy few days for Bitcoin companies announcing their plans to go public. Last week, Bitcoin derivatives platform Tera Exchange entered into a reverse merger with MGT Capital Investments Inc. Earlier this week, Barry Silbert's Bitcoin Investment Trust got the nod for public listing on the OTC markets.
In having to undergo financial audits, the exchange is hoping to gain trust with traders. It has reportedly picked up market share in Canada after the closures of Vault of Satoshi and CAVIRTEX.
Last month, the company reportedly secured nearly CAD $850,000 CAD ($673,200) in funding, by far exceeding the initial goal of $380,000. The round was led by Haywood Securities, Jordan Capital Markets, PI Financial and Wolverton Securities.
Co-founder Michael Patryn commented that many people buy bitcoins as a means to invest in Blockchain technology. However, he believes the value of the two are not tied together. Those buying shares in the exchange, on the other hand, are investing in Bitcoin infrastructure. He said:
"People investing in Quadriga Fintech Solutions are investing in our Trading Platform , merchant processing system, and remittance platform."
He added that the company plans a dual listing in Frankfurt, Germany, but not in the US, for which it will first wait for additional regulatory clarity.
