Walper also believes that, similar to when FX trading started, IIROC will eventually step in and put a regulatory framework in place.

He said: “I think in the long run that is probably what is going to happen in crypto and something that will actually be welcomed by a lot of folks because it will give us more clarity on what rules apply.

“More clarity is needed. Whether that’s new regulation or whether that’s just treating crypto as an existing category that’s easy to analogize.

“For us, that’s important because certainly cryptocurrency is maturing – it’s been around for almost 10 years now and investors need to feel confident that the entities they are dealing with are trustworthy, whereas in the early days of crypto is was a bit wild west.”

Newton Crypto makes its money playing the market on bid-ask spreads, promising to never exceed 50 basis points per side; a tight margin in the crypto space.