Coinbase ($COIN) Officially Launches in Canada

Crypto exchange Coinbase announced its expansion to Canada through a partnership with Peoples Trust Company. The latest move by Coinbase will make it easier for citizens to freely move in Canadian dollars to and from their Coinbase account.

Specifically, Peoples Trust will provide Coinbase users access to Interac e-Transfers, a Canadian funds transfer service that allows users to transfer money using the recipient’s email address or phone number.

Coinbase Enters Canada

According to Coinbase, Interac availability was the most requested feature by Canadian users, with 50% of deposits made through Interac e-transfer last month.

In a press release announcing the move, Coinbase also disclosed that it is offering Canadian users 30 days of free use of Coinbase One. This means users can enjoy access to zero trading fees, boosted staking rewards, priority 24/7 support, and more.

Coinbase sees Canada as its next “Go Deep Market.” Citing the country’s crypto-friendly regulations, Nana Murugesan, vice president 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. We are making significant investments to help Canadians access the benefits of cryptocurrency”.

Doubling Down in Canada

Coinbase plans to expand more in Canada as it is the second-most crypto-aware country for international markets. A study by the Ontario Securities Commission (OSC) shows that Canadians are receptive to cryptocurrencies. More than 30 percent of Canadians said they would buy cryptocurrency within the year, this number doubles more than those who currently own crypto assets.

In line with the growing demand and interest, Coinbase has made several commitments recently towards its growth in the country. Lucas Matheson was recently hired as Coinbase’s Canadian Country Director.

The firm also signed an enhanced Pre-Registration Undertaking (PRU) in March and continues to work with regulators and policymakers on a strong digital currency regulatory framework for Canadians.

Meanwhile, Coinbase has also built a tech hub in Canada with almost 200 full-time employees who are helping build products. This makes Canada Coinbase’s largest tech hub outside the United States.

Coinbase has also been investing in several Canadian start-ups like Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games in order to promote local innovation and entrepreneurship and develop technology that will advance the global crypto economy.