Company:Newton

From HandWiki
Short description: Canada-based cryptocurrency exchange
Newton
TypeCryptocurrency exchange
LocationToronto, Ontario, Canada
Founded2018; 6 years ago (2018)
OwnerDVX Capital Markets
Key peopleDustin Walper CEO and Founder
CurrencyCryptocurrencies:[1] BTC, ETH, DOT, ADA, DOGE, XMR
Websitewww.newton.co

Newton is a Canada -based cryptocurrency exchange and broker, founded in 2018. As of February 2022, Newton lists over 60 cryptocurrencies available for trade.[2] Newton only accepts fiat deposits in Canadian currency.

History

Named after Sir Isaac Newton (a former anti-counterfeit Master of the Royal Mint), Newton was launched in April 2018 by Dustin Walper, Erynn Saunders, and Tyson Leslie.[3] Walper previously co-founded the mobile app, Akira, for Telus Health, a Canadian telehealthcare provider.[4]

Newton distinguished itself by not charging deposit and withdrawal fees and covering network fees up to $5. Acting as a broker, Newton both buys and sells crypto to its users.[5] Newton makes money on the spread between bid and ask prices when purchasing.[6]

Newton is registered as a Money Service Business (MSB) and registered with FINTRAC and is seeking registration as a restricted dealer with the Ontario Securities Commission (OSC).

In August 2018, Chicago-based trading platform DV Trading invested $15 million into Newton. In April 2021, Newton paused trading and withdrawals in response to its third-party custodian, Balance, reviewing a cyberattack. From December 2020 to April 2021, Newton grew from 35,000 to 175,000 users, averaging $5 million - $20 million in trades daily.[7]

In February 2022, Newton raised $25 million Series B funding, led by partners from DV Chain, at a valuation of over $200 million. Other investors included CI Financial, Singh Capital Partners, Anthony Pompliano, Tiny Capital and Snowdevil Capital (founded by Shopify co-founder Tobias Lutke).

References

  1. ↑ "Cryptocurrencies available on Newton". https://www.newton.co/prices. 
  2. ↑ Crawley, Jamie. "Canadian Crypto Platform Newton Raises $20M Round at $200M Valuation". Yahoo Finance. https://sg.finance.yahoo.com/news/canadian-crypto-platform-newton-raises-133233371.html. 
  3. ↑ ALCARAZ, CHARLIZE. "NEWTON CRYPTO NOW VALUED AT $253 MILLION FOLLOWING $25 MILLION CAD SERIES B ROUND". BetaKit. https://betakit.com/newton-crypto-now-valued-at-253-million-following-25-million-cad-series-b-round/. 
  4. ↑ Galang, Jessica. "AKIRA FOUNDER MOVES FROM HEALTHTECH TO LAUNCH NEWTON CRYPTOCURRENCY TRADING PLATFORM". BetaKit. https://betakit.com/akira-founder-moves-from-healthtech-to-launch-newton-cryptocurrency-trading-platform/. 
  5. ↑ Galeev, Oleg. "Newton Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?". ocryptocanada. https://ocryptocanada.ca/reviews/newton-crypto-exchange/. 
  6. ↑ Omololu, Enoch. "Newton Crypto Review Mar 2022: Fees, Pros, and Cons". SavvyNewCanadians. https://www.savvynewcanadians.com/newton-crypto-exchange-review/. 
  7. ↑ Simpson, Megan. "NEWTON HAD AN OUTAGE AND NOW USERS ARE COMPLAINING THEIR TRANSACTIONS ARE PENDING". BetaKit. https://betakit.com/newton-had-an-outage-and-now-users-are-complaining-their-transactions-are-pending/. 

External links




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