Canadian cryptocurrency trading platform Newton Crypto has raised $20m from a financing raise led by DV Chain.
Also taking part in the round were CI Financial Corp, Singh Capital Partners, Tiny Capital, Snowdevil Capital and Anthony Pompliano. Following this round, Newton has a valuation of approximately $200m.
Newton remarked that it will use the proceeds from the round 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.
The firm has also 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.
Newton co-founder and CEO Dustin Walper 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.”
