Backed by the integration of Interac payment rails, Coinbase has officially entered the Canadian market, to enable seamless fund transfers and introduce ‘Coinbase One’, its crypto subscription service.
In partnership with a number of local banking and payment partners, Coinbase is aiming to enable all of its Canadian users to seamlessly deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac e-transfers. Ultimately, the move will aim to make crypto more accessible to millions of Canadians.
Coinbase explained that its decision to expand to Canada was based on several factors. The country is ranked as the world’s third-most crypto-aware nation and boasts a strong local tech ecosystem. Combined with recent developments towards a robust regulatory framework, Canada is quickly becoming a potential global crypto-economy leader.
A recent Ontario Securities Commission survey also reinforces this sentiment and indicates that over 30 per cent of Canadians are poised to venture into the world of crypto assets within the year.
Canadian Coinbase users can now also try Coinbase One with a complimentary 30-day trial, featuring zero trading fees, enhanced staking rewards, and priority support. The cryptocurrency exchange platform also revealed it has plans to enable direct bank transfers over ETF for users to enable seamless deposits, withdrawals, and high-value daily transaction limits – later this year.
Coinbase steps toward serious crypto growth in Canada
Coinbase also revealed that it has collaborated with Canadian regulators to create a policy framework that could serve as a global benchmark. It explained that its active engagement with Canadian banks, investment advisors, and pension funds highlights its dedication to facilitating their successful navigation of the evolving digital asset realm.
In March 2023, Coinbase appointed Lucas Matheson as the country director for Canada, and signed an enhanced pre-registration Undertaking, honouring its dedication to regulatory compliance and operational excellence.
Investment into Canada has also proved to be an important part of Coinbase’s expansion plans. Through Coinbase Ventures, it has supported a range of Canadian startups that contribute to innovation, entrepreneurship, and technological advancement in fields such as risk assessment to asset management. Notable Canadian portfolio partners include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.
As Canadians eagerly embrace the potential of cryptocurrencies, Coinbase’s foray into the Canadian market could become a pivotal milestone in revolutionising the financial landscape and empowering individuals with economic freedom on a global scale.
Canada also hosts Coinbase’s largest tech hub outside of the US. The crypto exchange platform has revealed that the hub boasts almost 200 full-time local employees. With this being a recent development, the hub could see significant growth.