Newton Completes US$20 Million ($25 Million CAD) Series B Funding Round
Canadian Cryptocurrency Trading Platform’s Oversubscribed Funding Round Attracts High-Level Investors
TORONTO, February 9, 2022 /PRNewswire/ — Newton Crypto, a low-cost cryptocurrency exchange for Canadians, today announced that it has closed a US$20 million loan (25 million Canadian dollars) Series B funding round, led by DV Chain partners and with participation from CI Financial Corp., a global asset and wealth management firm, as well as Singh Capital Partners, Antoine PomplianoTiny Capital and Snowdevil Capital (founded by Shopify co-founder Tobias Lütke). This latest oversubscribed funding round brings Newton’s valuation to around $200 million (253 million Canadian dollars), reflecting the growth in the company’s customer base and market share.
“With this funding, we are delighted to not only have been able to grow our relationships with our existing partners and attract new high-profile investors, but also to welcome CI Financial as a strategic investor,” said Dustin Walper, co-founder and CEO of Newton. “Crypto is becoming a mainstay of 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 providing low-cost access to a wide crypto asset selection We know that retail investors and newcomers alike have found the investment process daunting with a high entry bar, but at Newton we’ve simplified this process and opened up access to anyone who are looking to participate in the crypto boom.
Newton’s largest investor is DVX Capital Markets, parent company of DV Chain and broker-dealer ITG, regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Dino Verbruggeco-founder of DVX Capital Markets, DV Chain and DV Trading, said: “Early on, we were familiar with Newton’s clean and easy-to-use interface, with its wide array of asset pairs, simple on-ramps fiat and its robust crypto withdrawal. and deposit capacities, would be a game-changer. Newton’s customer acquisition rate has been extraordinary, a testament to management’s ability to execute and deliver on a leading platform in such a short time. the roadmap of new products and services that are in the pipeline.”
“This investment in Newton reinforces CI’s commitment to strengthening its leadership position in digital assets by Canada“, said Darie Urbanky, President and COO, CI Financial. “Cryptocurrencies and blockchain are transforming the world of finance, and we are excited to expand investor access to this category in full growth.”
Newton will use the net proceeds from the Series B financing to further develop its technology, platform and infrastructure; attract new talent in all areas of the business; develop its marketing and distribution channels to enhance user acquisition and for general working capital purposes.
Newton has applied for registration as a restricted dealer with the Ontario Securities Commission (OSC) and the securities authorities of all other provinces and territories of Canada and actively collaborates with the OSC on registration matters.
Newton operates a reliable, low-cost crypto asset exchange platform for Canadians, providing individuals with a simple and easy way to accelerate in and out of fiat, buy and sell cryptos from a list of over 60 crypto assets, and to withdraw or deposit cryptos. assets, on any device, with access to some of the best prices for crypto assets in Canada. For more information, visit www.newton.co/.
SOURCE Newton Crypto