Canada-based Newton cryptocurrency exchange secures US$20 million (CAD$25 million) in a Series B funding round.
Newton Cryptocurrency Exchange
Newton is a low-cost cryptocurrency trading platform for Canadians. It offers a simple and easy way for individuals to on-ramp and off-ramp fiat, buy and sell crypto from a list of over 60 crypto assets, and withdraw or deposit crypto assets, on any device, with access to some of the best prices for crypto assets in Canada.
Newton Series B Funding
The Series B Funding round was led by the partners from DV Chain and with participation from CI Financial Corp., a global asset and wealth management firm, along with Singh Capital Partners, Anthony Pompliano, Tiny Capital and Snowdevil Capital (founded by Shopify co-founder Tobias Lütke).
This latest funding round brings Newton’s valuation to approximately US$200 million (CAD$253 million), reflecting the company’s growing customer base and market share.
Dustin Walper, Newton’s Co-Founder and CEO, said:
“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. 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.”
Newton plans to use the new funds from the Series B Financing to further develop its technology, platform and infrastructure; attract new talent in all areas of the company; grow its marketing and distribution channels to enhance user acquisition, and for general working capital purposes.
Newton’s Investors
Newton’s largest investor is DVX Capital Markets, parent to DV Chain and broker-dealer ITG, regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Dino Verbrugge, co-founder of DVX Capital Markets, DV Chain and DV Trading, said:
“Early on we knew Newton’s clean, easy-to-use interface, with its wide array of asset pairs, simple fiat on-ramps, and robust crypto withdrawal and deposit capabilities, would be a game-changer. Newton’s rate of customer acquisition has been extraordinary, which is a testament to management’s ability to execute and deliver on an industry-leading platform in such a short period of time. This is particularly exciting given the roadmap of new products and services that are in the pipeline.”
Darie Urbanky, President and Chief Operating Officer, CI Financial, said:
“This investment in Newton reinforces CI’s commitment to strengthen our leadership position in digital assets in Canada. Cryptocurrencies and blockchain are transforming the world of finance, and we’re excited to expand access for investors to this growing category.”
Crypto Exchange Is Planning To Expand Across Canada
Newton is planning to expand its operations all across Canada. The crypto exchange said in the funding related announcement that it has filed an application for registration as a restricted dealer with the Ontario Securities Commission (OSC) and the securities regulatory authorities in all other provinces and territories of Canada and is actively engaged with the OSC regarding registration matters.
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