Newton
TypeCryptocurrency exchange
LocationToronto, Ontario, Canada
Founded2018; 4 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". Newton. Retrieved 27 March 2022.
  2. ^ Crawley, Jamie. "Canadian Crypto Platform Newton Raises $20M Round at $200M Valuation". Yahoo Finance. Retrieved 29 March 2022.
  3. ^ ALCARAZ, CHARLIZE. "NEWTON CRYPTO NOW VALUED AT $253 MILLION FOLLOWING $25 MILLION CAD SERIES B ROUND". BetaKit. Retrieved 29 March 2022.
  4. ^ Galang, Jessica. "AKIRA FOUNDER MOVES FROM HEALTHTECH TO LAUNCH NEWTON CRYPTOCURRENCY TRADING PLATFORM". BetaKit. Retrieved 29 March 2022.
  5. ^ Galeev, Oleg. "Newton Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?". ocryptocanada. Retrieved 29 March 2022.
  6. ^ Omololu, Enoch. "Newton Crypto Review Mar 2022: Fees, Pros, and Cons". SavvyNewCanadians. Retrieved 29 March 2022.
  7. ^ Simpson, Megan. "NEWTON HAD AN OUTAGE AND NOW USERS ARE COMPLAINING THEIR TRANSACTIONS ARE PENDING". BetaKit. Retrieved 29 March 2022.