Coinbase, the largest cryptocurrency exchange in the United States, has officially expanded its services to Canada. The company announced on August 14 that it has partnered with Peoples Trust Company, a subsidiary of the Peoples Group, to offer Interac payment rails to Canadian users. This will allow Canadians to deposit and withdraw Canadian dollars into their Coinbase accounts seamlessly. To attract Canadian users, Coinbase is offering a 30-day trial of its new subscription-based product, Coinbase One. This product promises zero trading fees, enhanced staking rewards, and priority support.
Coinbase’s expansion into Canada comes at a time when the country is becoming increasingly crypto-friendly. In May, the Ontario Securities Commission (OSC) issued a report that found that Canada has the second-highest level of crypto awareness in the world. The OSC also noted that the Canadian government is working on developing a clear regulatory framework for cryptocurrencies.
Nana Murugesan, Coinbase’s Vice President for International and Business Development, said that Canada is a “priority Go Deep” market for the company. He added that the country is “well positioned to be a global leader in the crypto economy.”
Coinbase’s expansion into Canada comes as the company faces legal challenges in the United States. The SEC is suing Coinbase for allegedly violating federal securities laws by selling unregistered securities. Coinbase has denied the allegations and is fighting the lawsuit.
In response to the challenging regulatory environment in the United States, Coinbase has been looking to expand its operations abroad. In addition to its expansion into Canada, Coinbase has also launched an international exchange platform for institutional traders.
The company’s expansion into Canada is a sign that Coinbase is committed to the global crypto economy. With its focus on compliance and its commitment to providing a user-friendly platform, Coinbase is well-positioned to succeed in Canada and other markets around the world.