VirgoCX raises $8M to support growth in Canada’s crypto trading platform

Canadian cryptocurrency trading platform VirgoCX received $7.95 million (C$10,000,000), in a Series A round of funding. This will enable the firm to grow globally and offer new products and services.

Draper dragon, a global venture capital fund, led the financing. Other participants included Blockdream Ventures. Cobo Ventures. Molecular Group. Sora Ventures. How Link Investment. according to a statement Monday.

The Canadian Securities Administrators approved the Toronto-based company as a Restricted Dealer in crypto assets in all Canadian provinces, territories. VirgoCX continues to be available. 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.

According to Virgo Group’s statement, the exchange’s parent company is also looking to offer DeFi yield farming, staking and other services in “the near future”.

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

Cai stated to CoinDesk, that Virgo Group would soon launch a decentralized marketplace for NFTs. This will allow customers to quickly sell their NFTs.