Canadian Crypto Trading Platform VirgoCX raises $8M with growth in sight

VirgoCX is looking at expanding overseas after garnering Canadian regulatory approvals.

Canadian cryptocurrency trading platform VirgoCX has raised $7.95 million (C$10 million) in a Series A funding round that will help the firm expand globally and add products and services.

Global venture fund Draper Dragon led the financing, which also included Blockdream Ventures, Cobo Ventures, Molecular Group, Sora Ventures, and How Link Investment, according to a statement Monday.

On the regulatory front, the Toronto-based company has been approved by the Canadian Securities Administrators (CSA) as a Restricted Dealer in crypto assets in all Canadian provinces and territories. Meanwhile, VirgoCX is one of eight registered crypto trading platforms listed by the Ontario Securities Commission (OSC).

VirgoCX’s CEO Adam Cai told CoinDesk the company worked diligently to secure the proper licenses to operate in Canada, and is preparing for potential expansion into Australia, the UK, and some parts of Europe.

“It’s just a natural progression” after garnering Canadian approvals, Cai said. “We have all the necessary infrastructure setup,” he said via phone.

The exchange's parent company, Virgo Group, is also planning to add staking, DeFi yield farming and other services in the "near future," according to its statement.

Virgo Group wants to help the NFT market by increasing liquidity, improving the user experience and lowering barriers to participation. Virgo Group seeks to launch a “NFT Web 3 Liquidity Aggregator to help users instantly complete the sale with competitive prices and a seamless experience,” according to its statement.

Cai told CoinDesk that Virgo Group will soon launch a decentralized market-maker for NFTs, in hopes of helping customers sell their NFTs promptly.