Coinbase (NASDAQ:COIN) has announced its official entry into the Canadian market, “backed by the integration of Interac payment rails, with banking and payment partners, enabling seamless fund transfers, and the introduction of Coinbase One – a 30-day trial offering zero trading fees, enhanced staking rewards, and priority support for Canadian users.”
Earlier this year, Binance – the largest crypto exchange in the world, said it was exiting the Canadian market. While there are other crypto marketplaces, Coinbase is the second largest marketplace in the world and may benefit from Binance’s exit. Coinbase stated in the release that it aims to “transcend borders.”
As noted in a blog post, March ’23 marked “a significant milestone, as they welcomed Lucas Matheson as the Country Director for Canada, and signed an Enhanced Pre-Registration Undertaking, honoring our dedication to regulatory compliance and operational excellence.”
The firm explains that their decision “to delve into the dynamic Canadian crypto landscape was informed by a myriad of compelling factors.”
Ranked as the world’s third-“most crypto-aware” nation, Canada boasts “an enthusiastic local tech ecosystem that, combined with its strides towards a robust regulatory framework, positions it as a potential global cryptoeconomy leader.”
This sentiment is reinforced by the Ontario Securities Commission‘s survey, “indicating that over 30% of Canadians are poised to venture into the world of crypto assets within the year.”
The firm added:
“Today we’re making several exciting announcements together with local banking and payment partners that will help make crypto more accessible to millions of Canadians: first, we are expanding our offerings in Canada with the completed roll-out of Interac payment rails, empowering all Canadian Coinbase users to seamlessly deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac e-transfers. Additionally, Canadian Coinbase users can also try Coinbase One with a complimentary 30-day trial, featuring zero trading fees, enhanced staking rewards, and priority support. And later this year, we will enable direct bank transfers over EFT for users to enable seamless deposits, withdrawals, and high value daily transaction limits.”
These are just the latest of several steps they’ve taken in recent months to grow in the Canadian market:
- Working with regulators, banking partners and institutional investors: Recognizing the pivotal role of thoughtful regulation in the crypto landscape, Coinbase has collaborated with Canadian regulators to cultivate a policy framework that serves as a global benchmark. Furthermore, our engagement with Canadian banks, investment advisors, and pension funds reflects our dedication to facilitating their successful navigation of the evolving digital asset realm.
- Doubling-down on our Canadian presence: Our commitment to fostering a user-centric crypto platform tailored for Canadians is exemplified by our robust Canadian tech hub. Boasting nearly 200 full-time local employees, makes Canada Coinbase’s largest tech hub outside the US, reaffirming our resolve to empower Canada’s burgeoning crypto community.
- Investing in Canada’s thriving tech and developer ecosystem has been paramount to our strategy. Through Coinbase Ventures, we’ve nurtured local startups that contribute to innovation, entrepreneurship, and technological advancement in fields ranging from risk assessment to asset management. Notable Canadian portfolio partners include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.