The American bitcoin exchange Coinbase announced the expansion of its business into Canada as part of a partnership with the local financial-services firm Peoples Trust Company.
Canadian users can deposit and withdraw fiat funds via the Interac e-Transfer service. According to the statement, this service was the most in-demand among users after the platform’s official launch in the country earlier this month.
The exchange also opened access to the subscription product Coinbase One, which offers clients a range of benefits, such as zero-fee trading and enhanced staking yields.
“Canada has strong potential to become a global leader in the crypto economy, thanks to a high level of awareness of digital currencies, the local tech ecosystem, and progress in building a robust regulatory framework,” said Nana Murugesan, Vice President of International Growth at Coinbase.
The company cited a survey by the Ontario Securities Commission showing that 30% of Canadians are willing to acquire cryptocurrencies within the next year. That is double the number who currently own digital assets. Coinbase sees in the trend significant opportunities for growth in the Canadian market.
Throughout 2023, the exchange in Canada:
- signed a pre-registration agreement (in March) and continued to work on obtaining a license;
- hired Lucas Matheson as regional director;
- established a technical hub with nearly 200 full-time employees;
- accelerated its venture arm in the country, backing several startups.
Coinbase’s portfolio includes well-known local firms such as Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games and Zapper.
Earlier in 2023, due to tighter regulation, centralized exchanges OKX and Binance, DEX dYdX, and the Paxos stablecoin issuer Paxos announced their withdrawal from the country.