2023-8-15 17:25 |
Coinbase has expanded its crypto offerings for the Canadian market as part of the crypto exchange’s international expansion efforts.
According to a Monday August 14 announcement, Coinbase’s entry into Canada is via a partnership with Peoples Trust Company. All Coinbase users in the country will have access to free and instant deposits via Interac e-transfers, a platform that has accounted for over 50% of funds deposits to Coinbase over the past month.
Users will also have access to Coinbase One, available free for 30 days and offering features such as zero-fee trading, boosted staking rewards, and 24/7 support.
Nana Murugesan, VP of International and Business Development at Coinbase, said:
“Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework. As Coinbase’s next Go Deep Market, we are making significant investments to help Canadians access the benefits of cryptocurrency.”
Coinbase enhances commitment to Canadian marketToday’s announcement by Coinbase follows the company’s recent steps to boost its crypto business in the Canadian market. This includes the signing of an enhanced Pre-Registration Undertaking (PRU) with regulators in March this year as it looked to comply with local regulatory requirements.
The exchange also hired Lucas Matheson as its Country Director for Canada and built a technology hub with roughly 200 full-time employees. Meanwhile, the exchange’s investment unit Coinbase Ventures invested in multiple Canadian start-ups, including Dapper Labs, Minerva AI, Axelar, and Zapper.
Expansion into Canada comes as Coinbase continues to battle for regulatory clarity in the US. It faces a potential court battle against the US Securities and Exchange Commission (SEC), which sued Coinbase alongside Binance in June.
Binance exited the Canadian market in May, citing the regulatory environment.
The post Coinbase expands into Canada with key partnership appeared first on Invezz.
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