Newton

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

External links

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