The main cryptocurrency exchange, Coinbase, officially announced that it would be extending its operations into the Canadian market. The addition of Interac payment rails, the collaboration with premier banking and payment partners, and the introduction of Coinbase One—a 30-day trial that offers Canadian users benefits not offered to users in other nations—all serve as markers of this historic move.
Since Coinbase has finished implementing Interac payment rails, Canadian users can easily send and receive Canadian dollars (CAD) using Interac e-transfers. Due to Coinbase’s successful completion of the Interac payment rails roll-out, this integration is now possible.
Customers in Canada now have access to a free 30-day trial of the premium service through Coinbase One, which provides priority support, greater staking rewards, and no trading fees.
Strategic Partnerships with Local Banks and Institutions: Coinbase has worked closely with Canadian regulators, banks, financial advisors, and pension funds to create an environment that is supportive of cryptocurrencies.
Financial support for Canada’s technology sector Through its affiliate Coinbase Ventures, the company has made investments in regional businesses such Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.
A key factor in Coinbase’s decision to enter the Canadian market was the country’s current ranking as the third-most crypto-aware nation in the world. Over 30% of Canadians are considering investing in crypto assets over the course of the next 12 months, the results of an Ontario Securities Commission study show.
In March 2023, Coinbase announced the appointment of Lucas Matheson as the Canada Country Director. At the same time, the business signed an Enhanced Pre-Registration Undertaking that demonstrated its dedication to both legal compliance and top-notch business practises. Additionally, Canada is home to about 200 full-time employees, making it Coinbase’s largest tech cluster outside of the US.
Later this year, Coinbase plans to offer EFT-based direct bank transactions. This will enable streamlined deposits and withdrawals as well as strict constraints on the number of transactions that can be made each day.