Coinbase announced its entry into the Canadian cryptocurrency market on August 14th. This decision follows strategic cooperation with People’s Trust Company. Notably, this firm is a subsidiary of the well-known People’s Group. As a result, our collaboration will include Interac payment rails. As a result, Coinbase clients in Canada will find it easier to deposit and withdraw in Canadian currency.
Moreover, Coinbase is rolling out a tempting offer to attract potential Canadian customers. The company provides a free 30-day trial of its premium subscription service, Coinbase One. During this period, customers won’t have to pay any commissions on their trades. Additionally, they will enjoy enhanced stake rewards and superior customer service.
Canada’s crypto landscape
Binance, a major player in the crypto world, ceased its operations in Canada in May. The country’s stringent rules and regulations were the primary reason behind this decision. However, Coinbase views Canada differently. The company has identified Canada as a top “Go Deep” market. This is due to the country’s vast potential in the crypto domain.
Coinbase referred to a poll by the Ontario Securities Commission to underscore the Canadian market’s significance. This poll positions Canada as the second-most crypto-aware country globally. It also sheds light on the increasing inclination of Canadians toward cryptocurrency investments. Besides, Coinbase highlighted Canada’s booming domestic tech industry. The country is also making strides in establishing consistent regulations for this emerging sector.
Nana Murugesan, Coinbase’s VP of International and Business Development, shared her insights. She believes the U.S. is a potential global leader in the crypto-economy. “As the next Go Deep Market for Coinbase, we are investing heavily to bring the benefits of cryptocurrency to Canadians,” Murugesan stated.
Coinbase’s ongoing legal battle in the U.S.
However, while Coinbase is making waves in Canada, it faces challenges back home. The company is currently entangled in a legal dispute with the U.S. Securities and Exchange Commission (SEC). The bone of contention is potential violations of federal securities law.
Over the weekend, a significant development took place. Crypto stakeholders, including Senator Cynthia Lummis, filed an amicus brief. This brief supports Coinbase’s motion to dismiss the SEC’s action. Senator Lummis voiced her concerns about the financial regulator’s approach. She believes that the SEC’s focus on enforcement of over-regulation for the crypto companies is misguided.
Looking beyond the U.S. for expansion
The stringent regulatory environment in the U.S. has pushed Coinbase to explore opportunities abroad. Consequently, the company has unveiled an international exchange platform. This platform targets institutional traders, marking another significant step in Coinbase’s global expansion strategy.
Coinbase’s foray into the Canadian market is a testament to the country’s growing influence in the crypto world. Coinbase aims to cement its position in Canada with strategic partnerships and customer-centric offers.
However, the challenges in the U.S. serve as a reminder of the volatile nature of the crypto industry. As the company navigates these challenges, its international endeavors signify its commitment to bringing cryptocurrency benefits to a global audience.
