Just recently, on August 14th, Coinbase made a grand announcement that they’ve spread their crypto wings to the land of maple leaves and polite greetings, Canada. In this move, Coinbase has partnered up strategically with Peoples Trust Company, a subsidiary of Peoples Group, to make this crypto venture possible.
Now, you might be wondering, what’s all the fuss about? Well, here’s the scoop: Coinbase has introduced a nifty way for its users in Canada to seamlessly send and withdraw Canadian Dollars. They’ve hopped on the Interac payment method train, which basically means you can handle your Canadian Dollar transactions within Coinbase itself.
To sweeten the deal for Canadians jumping on the Coinbase train, they’re offering a 30-day trial of their new product, Coinbase One. This shiny new product promises fee-free transactions, juiced-up rewards, and priority support. Quite the package, huh?
Canada, according to Coinbase, is top priority right now. Why, you ask? Well, the smart folks at Coinbase have spotted some serious growth potential there. The Ontario Securities Commission’s survey results are singing the same tune – Canada ranks as the second most crypto-aware nation globally. It seems the folks up north are keen on investing in the digital gold, so to speak.
Speaking of which, Coinbase also notes that Canada boasts a vibrant local tech ecosystem and is making strides toward a clear legal framework for this emerging industry.
Nana Murugesan, the Deputy President of Business and International at Coinbase, is all smiles about this North American expansion. She believes Canada is primed to become a global leader in the crypto economy. She even said, “As Coinbase’s next Go Deep market, we’re investing significantly to help Canadians access the benefits of crypto.”
Now, let’s shift our gaze back to the good ol’ USA. Coinbase has been wrestling with legal matters with the U.S. Securities and Exchange Commission (SEC) over alleged federal securities law violations. Over the weekend, some crypto players, including Senator Cynthia Lummis, rallied behind Coinbase’s proposal to dismiss the SEC lawsuit. They’re also arguing that the regulatory approach to crypto companies is, well, not exactly on point.
Faced with these legal hurdles stateside, Coinbase is looking beyond the horizon and expanding its operations internationally. A prime example is the recent launch of an international exchange platform catering to institutional traders.