The entry of DV Trading signals the move of Canadian crypto into the mainstream.
TORONTO, Aug. 30, 2018 /CNW/ - Newton Crypto Ltd. ("Newton") announced today that it has entered into a partnership with DVX Capital Markets, an affiliate of DV Trading and DV Chain, and the parent company of Independent Trading Group ("ITG"), a Canadian broker dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC). DV will invest up to $15 million in debt and equity, dependent upon Newton reaching specified performance targets.
As Canada's first commission-free cryptocurrency brokerage, Newton does not charge funding or trading fees. Newton's native iOS and watchOS apps support Bitcoin, Ethereum and Litecoin trading. Currently in closed beta testing, Newton is planning to launch open trading in the fourth quarter of this year, as well as introducing both Android and web applications.
"The partnership with DV is key to Newton's growth," said CEO Dustin Walper. "Working with an established partner such as DV Trading not only provides Newton with the funds needed to expand, but also gives investors and customers the confidence of knowing that we are working with a regulated financial institution, a position unique in the Canadian crypto market."
Newton will use DV's industry-leading cryptocurrency trading platform and leverage both DV Trading and ITG's long-standing history of serving the capital markets. ITG is a member of IIROC, CIPF, the Toronto Stock Exchange, and the Canadian Securities Exchange. DV Trading is an experienced market making firm, with offices in Toronto, Chicago, New York and London. DV, together with ITG, brings significant financial, technological and intellectual resources to the Newton partnership, which will fill a much needed void in the Canadian crypto marketplace.
"We were looking for a partner to help us deliver an easy to use mobile app, that allows Canadians to buy and sell cryptocurrencies on their phone at fair prices with no commissions or fees," noted Dino Verbrugge, Co-founder of DV Trading. "Dustin's entrepreneurial flair, combined with his past achievements, made him and Newton the ideal partner to work with and invest in."
The partnership with DV will position Newton well for future growth within the maturing cryptocurrency market. The advancement of this new industry will depend upon expanding the institutional and retail investor base, building a solid infrastructure and encouraging regulatory oversight. Collaboration between innovators and current market leaders will be critical to achieving this aim.
About Newton Crypto Ltd.
Newton Crypto is Canada's first commission-free cryptocurrency brokerage, with no funding or trading fees. Currently in closed beta testing, Newton will open to the public in fall 2018, supporting Bitcoin, Ethereum and Litecoin trading. Initially launching on the iOS and watchOS platforms, Newton also has plans to introduce Android and web applications in late 2018.
SOURCE Newton Crypto Ltd.
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