Crypto exchange Coinbase has announced the expansion of its services to Canadian citizens, strengthening its already outstanding stronghold on the North American market.
For its newly unveiled subscription service, Coinbase One, the exchange will waive membership fees for Canadian nationals for the first 30 days in an effort to onboard new users.
Coinbase Lands In Canada
Coinbase is making waves in Canada amid a promising local crypto regulatory climate.
Coinbase’s Canadian users are primed to enjoy a seamless transaction experience, thanks to an integration of Interac payment rails in partnership with local financial services firm Peoples Trust Company — which is part of Peoples Group.
“Coinbase is now providing access to Interac e-Transfers® * to 100% of Canadian Coinbase users, making it secure and simpler than ever to move money in and out of your account,” the Monday announcement said.
Coinbase’s official entry into Canada also introduces its Coinbase One subscription product, bringing a couple of advantages to the Canadian cryptoverse, including zero trading fees, boosted staking rewards, and priority customer support. As an introductory offer, Coinbase is giving Canadian users a free 30-day trial.
Why Coinbase Is Expanding In Canada Despite Rival Exits
Coinbase explained that it has expanded its crypto services to Canada owing to the country’s high “crypto-awareness” along with what it believes is a robust regulatory framework.
According to Coinbase, Canada is presently the world’s third-most crypto-aware nation. In fact, the crypto exchange said it sees the Canadian market as its next “go deep” market, citing a report from the Ontario Securities Commission that claims more than 30% of Canadians said they’ll purchase cryptocurrencies within the year.
“Canada is well positioned to be a global leader in the crypto economy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework,” Coinbase’s Vice President for International and Business Development, Nana Murugesan, opined.
Further bolstering its commitment to Canadian users, Coinbase has named Lucas Matheson as the new Canadian Country Director. The firm is also strengthening its tech presence in the region by establishing a tech hub and investing in local startups.
Coinbase’s entrance to the Canadian market comes despite the recent exits of digital asset exchange competitors like Binance, OKX, and Bybit, citing tightening regulations in the country.
Notably, Coinbase is embroiled in a lawsuit with the Securities and Exchange Commission (SEC) back at home, for allegedly failing to register as a securities exchange and broker, along with allegedly offering unregistered security tokens to its users.