Coinbase Global Announces Its Canada Expansion via Strategic Partnership with Peoples Trust Company
Coinbase has committed to accelerating its international expansion amid the mainstream adoption of digital assets and blockchain technology.
Leading publicly traded cryptocurrency exchange based in the United States Coinbase Global Inc (NASDAQ: COIN), announced on Monday that it has opened its services to crypto users in Canada. The crypto company noted in the announcement that it has partnered with Peoples Trust Company, part of Peoples Group, to enable seamless on/off ramping services. Furthermore, Coinbase users in Canada can access the Interac e-Transfers, which are simple and secure. Additionally, the company noted that the Interac feature was the most requested by Canadians. Notably, the company highlighted that depositing funds to Coinbase using Interac is free and almost instant to all eligible users.
The crypto company noted that the official launch in Canada is a move geared toward making the crypto market accessible to more investors around the world. Meanwhile, the company has faced significant regulatory hurdles in the United States after the collapse of FTX and Alameda Research late last year, thus accelerating its international expansion to ensure its future growth prospects.
“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,” said Nana Murugesan, Vice President, International and Business Development, Coinbase. “As Coinbase’s next Go Deep Market, we are making significant investments to help Canadians access the benefits of cryptocurrency.”
Similar sentiments were echoed by Lucas Matheson, the Coinbase country director in Canada, who highlighted that the official launch in the country will help democratize finance in the country.
Coinbase Launch in Canada
The Canadian crypto market has significantly grown over the past few years, as it even has a functional Bitcoin ETF among other regulatory frameworks. As a result, a study conducted by Ontario Securities Commission (OSC) found that 15 percent of Canadian investors have already invested in the crypto market and more than double expect to purchase digital assets within the year. As a result, Coinbase has remained keen to widen its services to investors in Canada in the recent past. Moreover, Coinbase is now a leading crypto employer in the country, which works in line with the government’s agenda.
Coinbase has previously worked closely with Canadian regulators to help create a strong digital asset regulatory framework. Resultantly, its strategic partnership with Peoples Group has been commended for combining traditional financial institutions with neo-banking services
“Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities,” said David Furlong, Chief Operating Officer of Peoples Group.
Meanwhile, Coinbase shares traded around $81.11, up approximately 0.12 during Monday’s per-market.
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