Coinbase Accelerates International Expansion with Official Launch in Canada

Rhea-AI Summary

Coinbase (COIN) expands in Canada with Interac e-Transfer integration, offering zero trading fees and boosted staking rewards to Canadian users, addressing the high levels of crypto awareness in the country and positioning Canada as a global leader in the cryptoeconomy.

Positive

• Coinbase expands its Canadian operations, demonstrating its commitment to the Canadian market and making cryptocurrencies more accessible to millions of Canadians through Interac e-Transfers.
• Canada is the second-most crypto-aware country across Coinbase’s international markets, presenting a significant opportunity for growth in the Canadian market.

Negative

• None.

Integration of Interac e-Transfers makes cryptocurrencies easily accessible to millions of Canadian customers

TORONTO--(BUSINESS WIRE)-- Today, Coinbase announced its Canadian expansion with a series of new offerings that demonstrate its commitment to Canada as a priority Go Deep market.

Through its partnership with Peoples Trust Company, 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. This will make cryptocurrencies more accessible to millions of Canadians.

Interac availability was the most requested feature by Canadian users, and today’s news demonstrates Coinbase’s plan to build a platform that is for Canadians, by Canadians. Depositing funds to Coinbase using Interac is free and almost instant. In the last month, over 50% of deposits have been made through Interac e-transfer.

Starting today, Canadian Coinbase users can also maximize the full potential of crypto with the best of Coinbase through membership with Coinbase One. Free for all users for 30 days, Canadians now have access to zero trading fees, boosted staking rewards, priority 24/7 support, and more.

“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, 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.”

Coinbase sees Canada as its next Go Deep Market. Canada is the second-most crypto-aware country across Coinbase’s international markets, and an Ontario Securities Commission survey found that over 30 per cent of Canadians said they will buy cryptocurrency within the year, more than double those who say they currently own crypto assets. This presents a significant opportunity for growth in the Canadian market.

These announcements are the latest of several commitments Coinbase has made to grow in Canada.

• In March, Coinbase signed an enhanced Pre-Registration Undertaking (PRU), and continues working with regulators and policymakers on a strong digital currency regulatory framework for Canadians.
• Hired Lucas Matheson as Coinbase’s Canadian Country Director. Lucas is passionate about the potential of cryptocurrencies to transform the financial landscape and wants to help make cryptocurrencies more accessible in Canada.
• Built a tech hub with almost 200 full-time employees who are helping build Coinbase products. This makes Canada Coinbase's largest tech hub outside the U.S. Coinbase is also one of Canada’s largest crypto employers.
• Coinbase Ventures has been active across Canada, investing in several Canadian start-ups to promote local innovation and entrepreneurship, and develop technology that will advance the global crypto economy. Canadian portfolio companies include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.

“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.”

Supporting Quote From Peoples Group

“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.

About Coinbase

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to send and receive Bitcoin easily and securely. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

About Peoples Group

Peoples Group has been providing a tailored suite of financial solutions and delivering world-class customer interactions, since 1985. We have grown substantial market share in the insured commercial lending space and are the leading issuer of prepaid payment cards as well as an innovative merchant acquirer. We are an entrepreneurial organization that excels at customizing solutions to fit the needs of our clients. As a trusted partner of many FinTechs, we have a proven track record of giving them the tools and guidance to realize their success.

For more information, please visit peoplesgroup.com

* Interac e-Transfer is a registered trademark of Interac Corp. Used under license.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230814475027/en/

For media inquiries please contact:

Amit Shilton, Senior Director, Corporate and Technology

Agnostic

ashilton@thinkagnostic.com

Source: Coinbase Global, Inc.

FAQ

What is the latest announcement from Coinbase (COIN) regarding its Canadian expansion?

Coinbase is now providing access to Interac e-Transfers to 100% of Canadian users, making it secure and simpler than ever to move money in and out of their accounts.

What benefits are Canadian Coinbase users getting through the new offerings?

Canadian users can access zero trading fees, boosted staking rewards, priority 24/7 support, and more through membership with Coinbase One.

Why does Coinbase see Canada as its next Go Deep Market?

Canada is the second-most crypto-aware country across Coinbase’s international markets, with over 30 per cent of Canadians expressing an interest in buying cryptocurrency within the year.

What steps has Coinbase taken to grow in Canada?

Coinbase has signed an enhanced Pre-Registration Undertaking, hired Lucas Matheson as its Canadian Country Director, and continues working with regulators and policymakers on a strong digital currency regulatory framework for Canadians.