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In the blockchain and crypto space, Canada is among the top five countries in the world that have exploited this field well. Despite the late adoption of blockchain technology and Ethereum protocol, cryptocurrency and blockchain experts strongly believe that Canada contains all the favourable resources for thriving as a blockchain and crypto hub.
Canada has low energy costs, a balanced regulatory approach and super internet speed, which are essential ingredients for the prosperity of the blockchain industry. Since mining consumes a lot of power, making it a timely and expensive process, low energy rates in Canada ensure favourable blockchain environment. So far, the country has embraced various critical use cases of blockchain technology in the fields of finance, legal sector, education, healthcare, government, space and energy.
In 2018 Deloitte carried out a survey that targeted firms all over the world with a focus on blockchain technology. According to the survey, 51% of the companies surveyed from Canada expressed their interest in investing in blockchain technology. Just for comparison, Canada’s neighbouring country, the US, joined the movement towards blockchain adoption in the last place, with only 24% of the respondents currently investing in this revolutionary technology. The data from the Deloitte survey shows how Canadian companies are eager to embrace blockchain technology.
1. VirgoCX
VirgoCX is a Canadian fiat-to-crypto trading platform registered with FINTRAC as a Money Service Business. VirgoCX is currently the fastest growing exchange in Canada. It provides a top-notch trading experience to both retail and institutional investors. The platform is secure, reliable, and liquid, enabling customers to buy, sell, and trade Bitcoin, Ethereum, Litecoin, BCH, EOS, Stablecoins and more.
VirgoCX seeks to redefine crypto trading in Canada by providing the following solutions:
- Security. VirgoCX has multi-level security layers to protect personal data; insurance covered cold wallet technology powered by Ledger Vault, and reliable Canadian banking and payment partners.
- Cost-effective services. In terms of the overall trading costs, i.e. trading commission, deposit/withdraw fee and bid/ask spread, VirgoCX offers the most competitive offering within Canada.
- Liquidity. The exchange offers high liquidity for customers 24/7 while maximizing their executed price. It caters to multiple-level trading needs for different types of traders.
- Simplicity. The exchange has a user-friendly interface and a mobile app that can be used even for people with no previous crypto trading experience.
- Reliability. VirgoCX users can count on the reliability of the exchange. It provides 24/7 multi-lingual support and fast (typically, same day service) fiat deposits and withdrawals.
In addition, VirgoCX has an OTC desk that offers premium services to customers that trade crypto over 30,000 CAD. It is also noted that VirgoCX also provides competitive rates for FX spot conversion, such as USD/CAD.
2. TokenFunder
TokenFunder is a Canadian-based blockchain company building a digital asset marketplace platform to help private companies: 1) raise capital by offering digital securities (also known as security tokens) to all investors (retail and accredited) through legal and regulatory-compliant initial token offerings, and 2) permit those digital securities to be traded on the platform’s blockchain-powered exchange.
TokenFunder is designed as mobile investing and trading experience for all investors. The platform creates a non-custodial digital wallet without requiring any digital currency knowledge. TokenFunder’s Smart Token Asset Management Platform (STAMP) is a Software-as-a-Service platform that builds trust in the new world of digital securities by ensuring investor rights are protected with:
- The legal framework is backed by smart contracts.
- Financial controls provide the right fiscal management.
- Disclosure and transparency fulfil regulatory requirements.
TokenFunder was the first issuer of a regulatory-approved security token in Canada and established the first Canadian approved private markets dealer (affiliate TokenGX) specifically regulated to issue security tokens for other companies. TokenGX also recently became the first Canadian company approved to build a secondary trading system for digital securities. This secondary trading system deploys a hybrid of the latest web and blockchain technologies to deliver a seamless investor experience in a decentralized, non-custodial model, which the company believes is the future of capital markets.
3. Ledn
Ledn was built to close a gap for financial services in the digital asset space. All of Ledn's products are designed to help people save in bitcoin. Ledn has 3 products: Borrow - bitcoin-backed loans that allow you to borrow against your bitcoin holdings (without selling your bitcoin!), Save - an interest account that pays interest in bitcoin on bitcoin, and B2X - a service that allows you to double your bitcoin holdings through tying together the purchase of bitcoin with a Ledn loan. Based in Canada, with a global focus, Ledn is the only company to offer proof of reserves for loans as low as $500. This means that each Ledn loan has a unique bitcoin address, so customers can confirm the location of their bitcoin, on-chain, 24/7!
4. 3iQ Corp
3iQ is the first Canadian-based investment fund manager to abide by the terms and conditions of the Canadian securities regulatory authorities. The company is fully permitted to manage a multi-crypto asset investment fund that can be accessed by qualified Canadian investors. It is committed to offering innovative investments of institutional quality. Besides, 3iQ is also engaged in educating people in disruptive technologies and the cryptocurrency space.
3iQ investments are favoured by individual investors and their advisors, institutions, and both single and multi-family offices. Through their independent research and relationship with Ark Investment LLC, 3iQ will introduce a suite of innovative products in both the cryptocurrency space and other cutting-edge technologies. The company strongly believes in a disciplined approach to investment selection, helped by the most innovative due diligence process and quantitative techniques.
5. Convergence.Tech
Convergence.Tech is a digital transformation company based in Toronto, Canada. Partnering with clients and leveraging today's leading technologies along with deep industry-specific expertise, Convergence enables innovation to take place so that organisations can become digital leaders.
Operating globally with active projects worldwide, our team also works closely with government bodies, humanitarian agencies and corporations. They recently completed a blockchain traceability project with the UN:
UN Pilot In Mongolia Uses Blockchain To Help Farmers Deliver Sustainable Cashmere
Possessing extensive consultancy experience, Convergence advises, develops and implements technology solutions at a global scale to include complex regions such as India, Mongolia, Afghanistan.
Many of these solutions get powered by blockchain technology and get centered on environmental impact and sustainability initiatives. Their technology solutions are focused on traceability as well as digital identity.
Conclusion
Blockchain revolution, despite its tender age, has already demonstrated great potential for changing the way Canadian businesses and government operate. Though primarily known as the underlying fabric for cryptocurrencies, the practical use cases for blockchain technology extend far beyond any single use case, as shown in the discussion above. VirgoCX, Ledn, TokenFunder, Convergence.tech and 3iQ are the top five crypto exchanges and blockchain companies to watch in Canada.
