The digital asset trading platform for Canadians, Newton Crypto announced today that the company has secured $20 million (25 million Canadian dollars) in Series B financing. With that, the crypto firm’s valuation has jumped to a level of nearly $200 million.
Partners from DV Chain led the Series B financing round. CI Financial, a prominent global wealth and asset management firm, also participated in the round. Moreover, investors like Singh Capital Partners, Anthony Pompliano, Tiny Capital and Snowdevil Capital joined the investment round.
Newton Crypto became the latest digital asset exchange to raise significant funding. In the past 12 months, cryptocurrency exchanges have witnessed a sharp rise in their valuations after VC interest in the crypto ecosystem reached a record high level.
The latest example is FTX US, the American arm of the crypto exchange FTX secured $400 million worth of funding in January 2022 and topped the valuation of $8 billion. With recent funding and a substantial rise in its valuation, Newton Crypto has joined the list of rapidly growing digital exchanges in Canada.
"Through this financing, we are thrilled that we were not only able to grow our relationships with existing partners and attract new top-tier investors but also welcome CI Financial as a strategic investor," said Dustin Walper, Newton's Co-Founder and CEO.
Crypto Boom in Canada
Similar to other locations around the world, the interest in digital currencies across Canada has accelerated since the start of 2021. "Crypto is becoming a mainstay in the traditional financial system, and we are working hard to position ourselves as the future of fintech. Our goal is to be relentless when it comes to offering low-cost access to a wide selection of crypto assets. We know that retail investors and newcomers have found the investment process intimidating with a high bar to entry, but at Newton, we have simplified that process and brought access to all those looking to participate in the crypto boom,” Walper added.
