stats
globeinteractive.com: Making the Business of Life Easier

   Finance globeinvestor   Careers globecareers.workopolis Subscribe to The Globe
The Globe and Mail /globeandmail.com
Home | Business | National | Int'l | Sports | Columnists | The Arts | Tech | Travel | TV | Wheels
space


Search

space
  This site         Tips

  
space
  The Web Google
space
   space



space

  Where to Find It


Breaking News
  Home Page

  Report on Business

  Sports

  Technology

space
Subscribe to The Globe

Shop at our Globe Store


Print Edition
  Front Page

  Report on Business

  National

  International

  Sports

  Arts & Entertainment

  Editorials

  Columnists

   Headline Index

 Other Sections
  Appointments

  Births & Deaths

  Books

  Classifieds

  Comment

  Education

  Environment

  Facts & Arguments

  Focus

  Health

  Obituaries

  Real Estate

  Review

  Science

  Style

  Technology

  Travel

  Wheels

 Leisure
  Cartoon

  Crosswords

  Food & Dining

  Golf

  Horoscopes

  Movies

  Online Personals

  TV Listings/News

 Specials & Series
  All Reports...

space

Services
   Where to Find It
 A quick guide to what's available on the site

 Newspaper
  Advertise

  Corrections

  Customer Service

  Help & Contact Us

  Reprints

  Subscriptions

 Web Site
  Advertise

  E-Mail Newsletters

  Free Headlines

  Globe Store New

  Help & Contact Us

  Make Us Home

  Mobile New

  Press Room

  Privacy Policy

  Terms & Conditions


GiveLife.ca

    

PRINT EDITION
'Hold on for dear life,' advises crypto pioneer
space
space
space
  
  

Email this article Print this article
Saturday, September 15, 2018 – Page B12

Cole Diamond's timing was perfect.

He had heard about virtual currencies in 2016 and wanted to buy some. He found the process arduous, and therein saw an opportunity.

He invested in Coinsquare Ltd., a digital currency trading platform, and became its chief executive officer. Over the next year, the price of bitcoin rose nearly 2,000 per cent, and Coinsquare's revenue soared. The company has raised more than $50-million in equity financing from investors.

The price of bitcoin has dropped since then, but Coinsquare has continued growing. Even so, Mr. Diamond manages to get home in time to see his young son off to bed.

He was interviewed for I'll Go First, a new podcast series about entrepreneurs produced by The Globe and Mail.

Canada has a lot of digital currency companies. How is yours different?

We view ourselves not as a digital currency trading platform really anymore. We view ourselves as a 21st-century financial institution.

So we believe that with the power of blockchain technology we can start bringing more financial services to our customers. We've launched an asset-management business. We think we can start to attract a more diversified portfolio of customers as well as a more diversified portfolio of assets outside of just cryptocurrency.

Can you break down what blockchain is and what cryptocurrency is?

Blockchain and cryptocurrencies were created at the exact same time, and that was with the creation of bitcoin. You have a computer, and I have a computer, and your friend has a computer, and all these computers around the world are speaking to each other. What they're doing is confirming that one machine says the same thing that another machine says.

What's beautiful about that is that we don't actually have to trust each other if we're gonna work on the blockchain. I don't have to trust an intermediary or worry that my assets ended up in the wrong place.

Somebody - we don't know who - named Satoshi Nakamoto created bitcoin. He or she - or they or whoever Satoshi is - was trying to figure out how to create a structure for currency that lived outside of central banks. It could be a stronger currency than what are called fiat currencies - the Canadian dollar, the U.S. dollar, etc. - and at the same time it was considered to be incredibly more efficient than regular currency because it could move significantly faster and it could be tracked. Those are some of the reasons for why it got a lot of interest and a lot of early adoption.

What cryptocurrencies are you invested in?

That's a fantastic question. And I don't share that with anyone.

Coinsquare is not in a position to give investment advice. What I would love to tell you is our position on the market instead.

My suggestion to people is to pick a basket of options - not one or two but three or four or five.

And hold them. Or in our market we say HODL - hold on for dear life. Don't look at the price today.

Don't look at the price in six months from now. Don't try and make a quick buck. Buy it and hold it.

If you can't afford to lose the money you're putting into this asset class, then don't even try. I believe very strongly the market will not just survive, but it will thrive.

How long is your day?

Well, this morning I got started about 5:15 and I'll be in meetings most of the way through until I see my 16-month-old son around 6. Then I'll probably get back at it after dinner and go to bed at 10, because life is not overly exciting on the social side, but it's very exciting on the business side.

Has being a dad made you a better entrepreneur or a better boss? Has it changed your outlook?

I wouldn't say that it's changed too much about my business outlook, but it has changed a lot about how I deal with business. I try to be home almost every day for bedtime.

The CEO of the company walking out the door at 5:30 is not the most positive effect on culture.

But I'm doing it for all the right reasons, and I hope my staff respects that.

Coinsquare has grown fast. What is it like to work hard to build something you didn't create?

I'm a creator, so that's been challenging for me. The initial infrastructure of a business might be the founder's baby. But then you start to share the child, so I like to refer to myself as the stepdad of Coinsquare. I kind of needed to have my own things, so we launched Coinsquare Mining, which is a majority-owned subsidiary of Coinsquare, in partnership with a couple of other guys.

We've built it into an absolutely enormous business, and I get to call that my baby.

What is your greatest fear?

Stronger competition.

What do you do for fun?

Swimming with my son.

What's your perfect day off?

Lots and lots of walking.

What's your favourite TV show?

Probably still 24.

If you had to provide your younger self with one piece of advice, what would it be?

I would go back and tell him to finish university. It wouldn't have made that big of a difference given my career choice. But at the same time, I could have had a fantastic experience and made stronger friendships, and you're always in a better position to do that at school than you are at work. And then I wouldn't be embarrassed every time I go to LinkedIn and look at my profile that says, like, 'King's College, one year.' What do you see for yourself in the future?

The story hasn't changed since I was 18 years old. My dream is to build, own and operate my own hotel. Hotels are my thing. God willing, I'm the concierge of that hotel and I'll wear one of those stupid hats. People coming in will be trying to make the best out of whatever day it is, and to be able to contribute value to people in that regard would be exciting for me.

Outside of my grandfather, the guy that I've always looked up to in business is Issy Sharp, the founder of the Four Seasons.

What he's done with that business has been unbelievable to watch, and God willing I can mirror that.

This interview has been edited and condensed.

Associated Graphic

One of Cole Diamond's challenges as the CEO of Coinsquare is running a business that he didn't create. He has made up for that by launching a subsidiary, Coinsquare Mining.

CHRISTOPHER KATSAROV/THE GLOBE AND MAIL


Huh? How did I get here?
Return to Main William_Thorsell Page
Subscribe to
The Globe and Mail
 

Email this article Print this article

space  Advertisement
space

Need CPR for your RSP? Check your portfolio’s pulse and lower yours by improving the overall health of your investments. Click here.

Advertisement

7-Day Site Search
    

Breaking News



Today's Weather


Inside

Rick Salutin
Merrily marching
off to war
Roy MacGregor
Duct tape might hold
when panic strikes


Editorial
Where Manley is going with his first budget




space

Columnists



For a columnist's most recent stories, click on their name below.

 National


Roy MacGregor arrow
This Country
space
Jeffrey Simpson arrow
The Nation
space
Margaret Wente arrow
Counterpoint
space
Hugh Winsor  arrow
The Power Game
space
 Business


Rob Carrick arrow
Personal Finance
space
Drew Fagan arrow
The Big Picture
space
Mathew Ingram arrow
space
Brent Jang arrow
Business West
space
Brian Milner arrow
Taking Stock
space
Eric Reguly arrow
To The Point
space
Andrew Willis arrow
Streetwise
space
 Sports


Stephen Brunt arrow
The Game
space
Eric Duhatschek arrow
space
Allan Maki arrow
space
William Houston arrow
Truth & Rumours
space
Lorne Rubenstein arrow
Golf
space
 The Arts


John Doyle arrow
Television
space
John MacLachlan Gray arrow
Gray's Anatomy
space
David Macfarlane arrow
Cheap Seats
space
Johanna Schneller arrow
Moviegoer
space
 Comment


Murray Campbell arrow
Ontario Politics
space
Lysiane Gagnon arrow
Inside Quebec
space
Marcus Gee arrow
The World
space
William Johnson arrow
Pit Bill
space
Paul Knox arrow
Worldbeat
space
Heather Mallick arrow
As If
space
Leah McLaren arrow
Generation Why
space
Rex Murphy arrow
Japes of Wrath
space
Rick Salutin arrow
On The Other Hand
space
Paul Sullivan arrow
The West
space
William Thorsell arrow
space





Home | Business | National | Int'l | Sports | Columnists | The Arts | Tech | Travel | TV | Wheels
space

© 2003 Bell Globemedia Interactive Inc. All Rights Reserved.
Help & Contact Us | Back to the top of this page