Coinbase Expands Into Canadian Market, Offering New Opportunities For Crypto Enthusiasts

(RTTNews) - Coinbase, a renowned name in the world of cryptocurrency, has taken a significant step forward by announcing its expansion into the Canadian market. This move comes with a range of new offerings aimed at solidifying its presence in Canada as a top-priority market. Collaborating with Peoples Trust Company, a part of the esteemed Peoples Group, Coinbase now grants access to Interac e-Transfers for 100 percent of its Canadian users. This innovative feature simplifies and secures the process of transferring funds in and out of user accounts, thus providing millions of Canadians with enhanced accessibility to cryptocurrencies.

One of the most sought-after features by Canadian users, Interac availability has become a reality due to Coinbase's unwavering commitment to delivering a platform tailored to Canadians. The ability to deposit funds to Coinbase via Interac is not only instantaneous but also comes at no cost. Remarkably, in the past month alone, over half of all deposits were facilitated through Interac e-transfer.

Starting from today, Canadian users of Coinbase can harness the full potential of cryptocurrencies through a membership with Coinbase One. This exclusive membership, which is free for all users for a 30-day trial period, offers a spectrum of benefits, including zero trading fees, elevated staking rewards, and round-the-clock priority support.

Nana Murugesan, Vice President of International and Business Development at Coinbase, highlighted the exceptional potential of Canada in the global cryptoeconomy landscape. He pointed to the high levels of crypto awareness, a vibrant local tech ecosystem, and progressive strides in establishing a robust regulatory framework as factors positioning Canada as a prospective leader in the cryptoeconomy.

Notably, Canada ranks second among Coinbase's international markets in terms of crypto awareness. According to a survey conducted by the Ontario Securities Commission, over 30 percent of Canadians expressed their intent to purchase cryptocurrency within the upcoming year, a figure more than twice the number of current crypto asset owners. This data underlines the immense growth potential that the Canadian market holds for Coinbase.

These recent developments are the latest in a series of commitments made by Coinbase to foster its growth within Canada. In March, Coinbase solidified its dedication by signing an enhanced Pre-Registration Undertaking (PRU), in addition to maintaining an ongoing collaboration with regulators and policymakers to establish a comprehensive digital currency regulatory framework for Canadian users.

Coinbase has also strategically expanded its team in Canada, appointing Lucas Matheson as the Canadian Country Director. Matheson's fervor for the transformative potential of cryptocurrencies and his dedication to enhancing accessibility to these assets resonates with Coinbase's mission.

The establishment of a tech hub comprising nearly 200 full-time employees further emphasizes Coinbase's investment in Canada. This tech hub stands as the largest outside of the United States, contributing significantly to the development of Coinbase products and cementing the platform's position as one of Canada's leading employers within the crypto industry.

Beyond its internal endeavors, Coinbase Ventures has been actively involved in supporting Canadian startups. The company's investments aim to drive local innovation, foster entrepreneurship, and advance technologies that contribute to the global crypto economy. Notable Canadian portfolio companies include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.

Lucas Matheson, the Canada Country Director at Coinbase, expressed enthusiasm about leading the charge in driving innovation within Canada's financial system. He reiterated Coinbase's commitment to reshaping the financial landscape and heralding greater economic freedom through the world of cryptocurrencies.

As Coinbase forges ahead into the Canadian market, its latest offerings and strategic partnerships signal a transformative era for cryptocurrency enthusiasts across the country. With a mission to revolutionize the financial system and empower individuals with economic autonomy, Coinbase's expansion into Canada marks a significant milestone in the journey towards a more inclusive and accessible cryptoeconomy.