Coinbase, the prominent cryptocurrency exchange based in the United States, has made a strategic move onto the international stage with its expansion into the Canadian market. This calculated expansion marks Coinbase’s endeavor to drive cryptocurrency adoption while gradually establishing itself as a global force in the crypto realm.
In a significant partnership, Coinbase has joined forces with Canada’s Peoples Trust Company, operating as the Peoples Group, a notable financial service provider. The collaboration aims to facilitate access for Canadian crypto users to Interac, a leading Canadian interbank network. This integration empowers secure and dependable crypto transactions for Canadian customers.
The COO of Peoples Group expressed enthusiasm for the partnership, stating, “Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities.”
Notably, Coinbase has introduced Interac to its Canadian users, offering seamless and immediate transactions on the payment platform. The exchange continues to deliver innovative crypto solutions, extending a 30-day complimentary membership to Coinbase One, a subscription service granting exclusive crypto features. These perks encompass enhanced staking rewards, zero trading fees, and round-the-clock customer support.
With Canada as its target, Coinbase has appointed Lucas Matheson as Coinbase Canadian Country Director and has proactively engaged in regulatory measures. The exchange has signed a Pre Registration Undertaking (PRU) to ensure the establishment of smooth crypto regulations in the country.
Coinbase’s entrance into the Canadian market was met with fervent support from investors and enthusiasts, affording them the ability to seamlessly engage in cryptocurrency trading and transactions. The decision to expand to Canada was guided by various factors, including the country’s crypto-friendly environment, its global recognition as the third most crypto-aware nation, a robust technological ecosystem, and a favorable regulatory framework.
Nana Murugesan, Coinbase International and Business Development Vice President, lauded Canada’s potential as a crypto economy leader, citing high levels of crypto awareness, a vibrant local tech community, and progress toward effective regulatory measures.
Coinbase has demonstrated its commitment to collaborating with Canada’s regulatory authorities to establish policies that safeguard citizens while serving as a global benchmark. The exchange is actively engaging with financial institutions, investment experts, and pension funds in Canada. Additionally, Coinbase’s technological presence in Canada has been fortified with the establishment of a significant tech hub, employing nearly 200 local professionals.
