Canada-based cryptocurrency exchange CoinSmart has announced the closing of a CAD$4.5 million (roughly US$3.5 million) seed funding round.

CoinSmart, owned by Simply Digital Technologies, told CoinDesk in a statement Monday the investment was raised earlier this year through the issuance of interest-bearing convertible debentures, a type of debt instrument. Investors in the round were not disclosed.

The funding will be used to expand CoinSmart’s platform into European markets and support operational changes. It will also help Simply Digital Technologies prepare for a planned reverse takeover ahead of a hoped-for public listing on the TSX Venture Exchange, said the firm.

Read more: Canadian Bank Launching Fiat-Backed Digital Currency in Claimed World First

Enabling its European expansion, CoinSmart said it has obtained a Financial Intelligence Unit license issued in Estonia.

“CoinSmart’s fundamental mission is to make cryptocurrency accessible for people of all experience levels,” said CoinSmart CEO Justin Hartzman. “We’re excited about the ways in which crypto can help streamline payments within Europe’s financial system and subsequently better serve and protect our customers.”

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