Coinbase Introduces New Feature as Part of Strategy to Establish Presence in the Canadian Crypto Market

In a strategic move to bolster its influence in the Canadian cryptocurrency market, Coinbase has introduced a new feature designed to streamline funding and withdrawal processes for local users.

Through a strategic partnership with Peoples Trust Company, Coinbase has now integrated Interac e-Transfers® into its platform. Interac is a local service renowned for facilitating seamless and rapid funds transfers,

According to Coinbase, this newly introduced feature underscores its commitment to enhancing user experience and accessibility within the Canadian crypto landscape. The exchange noted it is dedicated to creating a platform tailored exclusively to Canadian users, and the feature is a response to their needs.

Notably, this move from Coinbase comes at a time when other major crypto exchanges are exiting the Canadian market over concerns about an unfavourable regulatory environment. In May 2023, Bybit and Binance announced that they would discontinue their services in the country.

However, Coinbase is acting contrary to this trend and doubling down on its Canadian presence. The exchange claimed that Canada is the second-most crypto-aware country across its international markets. Citing an Ontario Securities Commission survey, Coinbase predicted that more Canadians plan to buy cryptocurrency within the next year, and thus there is a “significant opportunity for growth” in the country.

Nana Murugesan, Coinbase’s Vice President for International and Business Development, noted that Canada is the exchange’s “next Go Deep Market.” Murugesan further stated that the exchange would continue to make “significant investments to help Canadians access the benefits of cryptocurrency.“

The exchange signed a Pre-Registration Undertaking (PRU) with Canadian regulators in March 2023. It also established an operational hub in Canada with almost 200 full-time employees, making it Coinbase’s largest hub outside the U.S.

Lucas Matheson, Coinbase’s Canada Country Director, expressed enthusiasm about the development, stating:

“At Coinbase, our mission is to update the financial system and bring greater economic freedom to the world. We’re thrilled to be leading this push and helping drive innovation in Canada’s financial system.”