Canadian cryptocurrency enthusiasts will soon have another big-name option for their crypto-holdings.
Cryptocurrency exchange giant Coinbase Global Inc. (NASDAQ: COIN) announced its Canadian expansion on Monday with a series of new offerings including 30-day free use of the company’s paid subscription service, Coinbase One, and zero trading fees.
Coinbase and Vancouver-based financial services firm, Peoples Trust Company, have joined forces to give Canadians access to Interac e-Transfers. This collaboration streamlines the money transfer process, enhancing the accessibility of cryptocurrencies for users across the nation.
Among Coinbase’s global markets, Canada ranks as the second most crypto-aware nation. A Ontario Securities Commission survey revealed that over 30 percent of Canadians expressed their intent to purchase cryptocurrency within the next year, surpassing by more than twofold the number of individuals who currently possess crypto assets.
In March, Coinbase agreed to work with Canadian regulators, taking steps to foster transparent, accountable and responsible development of the cryptocurrency sector in Canada.
This hub represents Coinbase’s largest tech center beyond the borders of the United States, solidifying its position as one of the major employers within Canada’s crypto sphere.
“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,” said Nana Murugesan, vice president of international and business development for Coinbase.
Coinbase’s venture capital arm, Coinbase Ventures, has also been active throughout Canada, investing in various local startups to foster innovation and entrepreneurial endeavours. Among the Canadian portfolio companies supported by Coinbase Ventures are Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games and Zapper, illustrating the company’s dedication to catalyzing the growth of crypto-related ventures within the country.
“At Coinbase, our mission is to update the financial system and bring greater economic freedom to the world,” said Lucas Matheson, Canada Country Director, Coinbase.
“We’re thrilled to be leading this push and helping drive innovation in Canada’s financial system.”
Coinbase in legal fight with Securities and Exchange Commission
During June, the Securities and Exchange Commission (SEC) in the United States initiated a legal action against Coinbase alleging that the exchange neglected to register with the agency. The lawsuit additionally claims that Coinbase did not ensure that the digital assets it offered for sale met the criteria for exemption from being classified as securities.
The regulatory body argues that specific digital tokens satisfy the criteria for investment contracts, as they grant investors an “expectation of profits resulting from the efforts of others.” Consequently, the regulator holds the view that numerous digital assets fall within its regulatory scope.