US bitcoin exchange Coinbase has announced it is expanding its business in Canada through a partnership with local financial services company Peoples Trust Company.
Canadian users were able to make deposits and withdraw fiat funds through the Interac electronic transfer service. According to the statement, this service was the most requested by users after the official launch of the platform in the country earlier this month.
The exchange has also opened access to the subscription product Coinbase One, which provides customers with a number of benefits such as commission-free trading and increased staking income.
“Canada is well positioned to become a global leader in the crypto economy, thanks to its high level of digital currency awareness, its local tech ecosystem, and its progress in building a strong regulatory framework,” said Nana Murugesan, vice president of international development at Coinbase.
The company cited a survey by the Ontario Securities Commission, which showed that 30% of Canadians were willing to purchase cryptocurrencies during the year. This is twice the number of those who own digital assets now. Coinbase saw the trend as “significant growth opportunities in the Canadian market.”
During 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 center with almost 200 full-time employees;
- revitalized its venture division in the country, supporting several start-ups.
The Coinbase portfolio includes well-known local firms such as Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.
Recall that during 2023, due to the tightening of regulation, the centralized exchanges OKX and Binance announced their withdrawal from the country. DEX dYdX and stablecoin issuer Paxos.
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