The Nasdaq-listed cryptocurrency exchange, Coinbase, has now officially launched in Canada, bringing a host of new offerings aimed at making cryptocurrencies more available to the large Canadian population. This move has been seen as a strategic one, with a Coinbase executive stating that “Canada is excellently positioned to emerge as a global leader in the burgeoning cryptoeconomy.”
Coinbase’s Official Arrival in Canada
Coinbase, the renowned cryptocurrency exchange affiliated with the Nasdaq Stock Market (NYSE: COIN), declared its “official launch in Canada” on Monday, introducing several new offerings as part of its debut.
New Features of Coinbase Canada:
- New Leadership: A new executive team is in place to steer the Canadian division.
- New Payment Rails: They’ve implemented innovative payment methods and gateways.
- New Regulatory Milestones: They have met new regulatory standards set out by Canadian authorities.
- Local Employees: They have hired over 200 local employees to ensure smooth operations and customer support.
A tweet from the CEO
Coinbase CEO Brian Armstrong used Twitter to announce the launch. He highlighted the company’s leanings towards modern technology and regulatory clarity to enhance financial systems and fuel economic growth.
Coinbase is launching in Canada today! 🇨🇦
New leadership, new payment rails, new regulatory milestones, and 200 local employees.
Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth.…
— Brian Armstrong 🛡️ (@brian_armstrong) August 14, 2023
Partnering with Peoples Trust Company
Coinbase, in collaboration with Peoples Trust Company, a subsidiary of Peoples Group, ensures 100% of Canadian Coinbase users have access to Interac e-transfers. According to Coinbase, this service improvement will bring cryptocurrencies to a wider audience within Canada. The crypto firm, listed on Nasdaq, said that depositing funds into Coinbase accounts using Interac is free and almost instantaneous, and in just the past month, Interac e-transfer has facilitated over 50% of all deposits.
High Crypto Awareness in Canada
According to Nana Murugesan, vice president for International and Business Development at Coinbase, Canada, with a high level of crypto awareness coupled with an enthusiastic local tech ecosystem and the country’s progress towards a solid regulatory framework, is perfectly poised to emerge as a global leader in the cryptoeconomy.
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.
Partnership with People Group
Peoples Group’s chief operating officer, David Furlong, expressed satisfaction in joining forces with Coinbase to extend this money movement tool to their Canadian customers and diversify payment options.
The Canadian Cryptocurrency scene
An Ontario Securities Commission (OSC) survey revealed that a whopping 30% of Canadians have shown an interest in investing in cryptocurrencies over the next year, establishing a more than twofold increase from the current rate.
Coinbase Contending with the SEC
Simultaneously, south of the border, Coinbase is involved in a legal spat with the U.S. Securities and Exchange Commission (SEC). Coinbase was charged by the SEC in June for allegedly operating an unregistered securities exchange, broker, and clearing agency, charges which Coinbase vehemently disputes. Despite these challenges, Coinbase maintains that the cryptocurrencies listed on its trading platforms are not securities. The SEC, under the chairmanship of Gary Gensler, maintains that all crypto tokens, except Bitcoin, are securities. Coinbase has responded to the lawsuit by appealing to the court to have it dismissed, contending that the SEC has exceeded its legal authority.