Newton (company)
| Type | Cryptocurrency exchange |
|---|---|
| Location | Toronto, Ontario, Canada |
| Founded | 2018 |
| Owner | DVX Capital Markets |
| Key people | Dustin Walper CEO and Founder |
| Currency | Cryptocurrencies:[1] BTC, ETH, DOT, ADA, DOGE, XMR |
| Website | www |
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[edit]
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[edit]
- ↑ "Cryptocurrencies available on Newton". Newton. Retrieved 27 March 2022.
- ↑ Crawley, Jamie. "Canadian Crypto Platform Newton Raises $20M Round at $200M Valuation". Yahoo Finance. Retrieved 29 March 2022.
- ↑ ALCARAZ, CHARLIZE. "NEWTON CRYPTO NOW VALUED AT $253 MILLION FOLLOWING $25 MILLION CAD SERIES B ROUND". BetaKit. Retrieved 29 March 2022.
- ↑ Galang, Jessica. "AKIRA FOUNDER MOVES FROM HEALTHTECH TO LAUNCH NEWTON CRYPTOCURRENCY TRADING PLATFORM". BetaKit. Retrieved 29 March 2022.
- ↑ Galeev, Oleg. "Newton Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?". ocryptocanada. Retrieved 29 March 2022.
- ↑ Omololu, Enoch. "Newton Crypto Review Mar 2022: Fees, Pros, and Cons". SavvyNewCanadians. Retrieved 29 March 2022.
- ↑ Simpson, Megan. "NEWTON HAD AN OUTAGE AND NOW USERS ARE COMPLAINING THEIR TRANSACTIONS ARE PENDING". BetaKit. Retrieved 29 March 2022.
External links[edit]
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