Coinbase, the largest crypto exchange United States, has made a move on the international stage by officially expanding its crypto offerings to Canada. The exchange’s entrance into Canadian markets seems to be a calculated move to further crypto adoption while slowly evolving into a global crypto powerhouse.
Coinbase Partners with Canada’s Peoples Trust Company
Coinbase has announced its official partnership with Peoples Trust Company, a Canadian financial service company operating as the Peoples Group. The strategic alliance will provide Canadian crypto users access to Interac, a Canadian interbank network, to power safe and reliable crypto transactions.
“Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities,” the COO of Peoples Group commented.
Coinbase has made Interac available to Canadian users, offering free and instant transactions on the payment platform. The crypto exchange has not held back on its innovative crypto benefits and has offered a 30-day free membership with Coinbase One, a subscription product that gives users access to crypto-exclusive features on the platform. Some of those benefits include boosted staking rewards, zero trading fees, and 24/7 customer support.
The exchange has stated its plans to make Canada its next Go Deep Market. The cryptocurrency exchange company has made Lucas Matheson, Coinbase Canadian Country Director. The crypto exchange firm has also signed a Pre Registration Undertaking (PRU), to ensure crypto regulations are created seamlessly in the country.
COIN stock price falls to $80.21 | Source: Coinbase Global, Inc. on Tradingview.com
Canada Embraces The Exchange
On August 14, Coinbase, a major household name in the cryptocurrency industry made an announcement, revealing its official entry into Canadian markets. The move was met with enthusiastic support from Canadian investors and enthusiasts who can now buy, sell and trade cryptocurrency assets with the exchange.
According to Coinbase’s report, the decision to expand into Canadian soil was brought about by several factors including the fact that Canada is one of the most crypto-friendly countries and the third most crypto aware nation globally. Other factors include Canada’s robust technological ecosystem and a favorable regulatory framework that can facilitate the evolution and growth of the crypto industry.
“Canada is well positioned to be a global leader in the crypto economy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework,” Coinbase International and Business Development Vice President, Nana Murugesan commented.
Coinbase has also disclosed its efforts with Canada’s regulatory authorities to develop and implement crypto policies that benefit and protect the country’s citizens while serving as a global benchmark. The crypto exchange says it is thoroughly engaging with financial institutions, investment experts, and pension funds in Canada.
Subsequently, Coinbase has revealed its tech hub, one of its latest developments in Canada. According to reports, the company is empowering the Canadian crypto community by employing almost 200 full-time local employees in its Canadian tech hub.
The crypto exchange has invested in local crypto start-ups in the country and has partnered with renowned Canadian crypto firms like Zapper, Dapper Labs, Horizon Blockchain Games, Minerva AI, and more.
Featured image from PYMNTS, chart from Tradingview.com
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Author: Scott Matherson
