Nasdaq-listed crypto exchange Coinbase has officially launched in Canada with new offerings to “make cryptocurrencies more accessible to millions of Canadians.” A Coinbase executive stated: “Canada is well positioned to be a global leader in the cryptoeconomy.”
Coinbase Officially Launches in Canada
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced its “official launch in Canada” with a series of new offerings on Monday.
Coinbase CEO Brian Armstrong tweeted announcing the launch, stating that his company’s Canadian operation has new leadership, new payment rails, new regulatory milestones, and 200 local employees. “Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth,” he described.
“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,” the exchange’s announcement details, elaborating: “This will make cryptocurrencies more accessible to millions of Canadians.” The Nasdaq-listed crypto firm noted that “Depositing funds to Coinbase using Interac is free and almost instant,” adding that in the last month, over 50% of deposits have been made through Interac e-transfer.
Nana Murugesan, Coinbase’s vice president for International and Business Development, commented:
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.
David Furlong, chief operating officer of Peoples Group, opined: “Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities.”
According to a survey by the Ontario Securities Commission (OSC), over 30% of Canadians said they will buy cryptocurrency within the year, more than double those who say they currently own crypto assets.
Meanwhile, in the United States, Coinbase is engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC filed charges against Coinbase in June accusing the company of operating an unregistered securities exchange, broker, and clearing agency. Despite this, Coinbase has maintained that the crypto tokens listed on its trading platforms are not securities. However, SEC Chairman Gary Gensler holds the view that all crypto tokens, besides bitcoin, are securities. Coinbase has appealed to the court to dismiss the SEC lawsuit, contending that the regulatory body has exceeded its statutory authority.