A new partnership between Canadian cryptocurrency exchange Coinsquare and payment firm Processing.com will provide Coinsquare customers with new online payments functionalities. These will soon be able to buy cryptocurrencies including Bitcoin, Ether, Dash, Litecoin and Bitcoin Cash, with their credit or debit cards instantly.
The news comes just a few weeks after several banks and credit card companies in Britain and the US banned the use of credit cards to buy cryptocurrencies, fearing a plunge in their value will leave customers unable to repay their debts.
But for James Bergman, the chief revenue offering of Processing.com, cryptocurrencies are here to stay. Processing.com, a brand of CardConcepts Europe, provides online payments services for the e-commerce sector. The company has offices in the UK, the US, Europe, Australia and Brazil.
“As digital currencies increasingly make their way into the mainstream conscious, service providers have a responsibility to ensure the broader public can access the rapidly growing blockchain ecosystem”, Bergman said. “Processing.com is proud to facilitate fiat currency payments of digital currencies for the general public through Visa and MasterCard transactions.”
Operated by Canadian firm goNumericial, Coinsquare is one of the largest cryptocurrency exchange platform in the country. The company claims US$5 billion per year of cryptocurrency trades and over 100,000 customers.
“It was important for us to partner with a market leading innovative payments partner”, said Cole Diamond, CEO of Coinsquare. “We believe that this partnership will be a further catalyst to our already exceptional growth.”
Coinsquare closed a CA$30 million (US$23.63 million) funding round earlier this month to fuel its global growth plan and diversification strategy.
The company is targeting a CA$150 million (US$120 million) initial public offering (IPO) in September to help finance an overseas expansion.
“The US and the UK markets are next”, Diamond said in an interview with Bloomberg last month. “We believe that we will be a strong competitor to Coinbase and other exchanges in the US by the end of the year.”
Coinsquare plans to offer Ripple trading starting later this month and “will be launching one currency per month for the foreseeable future”, Diamond said.