Coinbase Expands to Canada

Coinbase Expands to Canada

Time Stamp: August 14, 2023 8:57 AM
Source Node: 2212279

The cryptocurrency exchange, Coinbase has expanded its
services to Canada in partnership with Peoples Trust Company. According to the
company’s statement released today (Monday), the collaboration allows more users to access digital assets in Canada by making transfers
easier.

The partnership involves
the integration of Interac e-Transfers, a step the cryptocurrency exchange
believes can offer an efficient and secure way to transfer funds. Additionally,
Coinbase’s users would reportedly access membership in Coinbase One. The benefits of the
membership include zero trading fees, staking rewards, and customer
support.

The US-based exchange has praised the growing awareness of cryptocurrencies in Canada. The surge in interest is reflected in statistics indicating
that more than 30% of Canadians plan to invest in cryptocurrencies within a
year. Coinbase believes the positive sentiment could bridge the gap between
crypto enthusiasm and accessibility.

Nana Murugesan, the Vice
President for International and Business Development at Coinbase, said: “Canada is well positioned to be a global leader in the crypto economy thanks to the high levels of crypto awareness, a passionate local tech
ecosystem, and the progress towards a strong regulatory framework.”

Coinbase has hired Lucas
Matheson as the Country Director for Canada. Besides that, the exchange has
highlighted its planned collaboration with Canadian regulators and policymakers. The Nasdaq-listed company is focusing on innovation and
technology through a tech hub comprising about 200 full-time employees in
the country, the exchange said.

Coinbase Expands
Operations

Five days ago, Finance
Magnates reported that
Coinbase had launched
a layer-2 blockchain solution dubbed
Base. This platform is part of the exchange’s ambition to broaden its reach in
decentralized applications (DApps) to more than 1 billion users.

Base facilitates the
transfer of Ether between the Ethereum mainnet and Base. It aligns the company with established
players such as IBM and Microsoft, who have already launched their blockchain
networks. According to the creator of the blockchain, Jesse Polak, who spoke
with Coindesk, Base aims to contribute to the advancement of blockchain
technology.

Meanwhile,
about a week ago, Coinbase embarked on a share repurchase program to reclaim
part of its USD $1 billion bond that will mature in September 2031. This move
followed the cryptocurrency exchange’s positive financial performance during
the second quarter of the year. Coinbase narrowed its losses to USD $97 million for the quarter from USD $1.1 billion in the same period last year.

The cryptocurrency exchange, Coinbase has expanded its
services to Canada in partnership with Peoples Trust Company. According to the
company’s statement released today (Monday), the collaboration allows more users to access digital assets in Canada by making transfers
easier.

The partnership involves
the integration of Interac e-Transfers, a step the cryptocurrency exchange
believes can offer an efficient and secure way to transfer funds. Additionally,
Coinbase’s users would reportedly access membership in Coinbase One. The benefits of the
membership include zero trading fees, staking rewards, and customer
support.

The US-based exchange has praised the growing awareness of cryptocurrencies in Canada. The surge in interest is reflected in statistics indicating
that more than 30% of Canadians plan to invest in cryptocurrencies within a
year. Coinbase believes the positive sentiment could bridge the gap between
crypto enthusiasm and accessibility.

Nana Murugesan, the Vice
President for International and Business Development at Coinbase, said: “Canada is well positioned to be a global leader in the crypto economy thanks to the high levels of crypto awareness, a passionate local tech
ecosystem, and the progress towards a strong regulatory framework.”

Coinbase has hired Lucas
Matheson as the Country Director for Canada. Besides that, the exchange has
highlighted its planned collaboration with Canadian regulators and policymakers. The Nasdaq-listed company is focusing on innovation and
technology through a tech hub comprising about 200 full-time employees in
the country, the exchange said.

Coinbase Expands
Operations

Five days ago, Finance
Magnates reported that
Coinbase had launched
a layer-2 blockchain solution dubbed
Base. This platform is part of the exchange’s ambition to broaden its reach in
decentralized applications (DApps) to more than 1 billion users.

Base facilitates the
transfer of Ether between the Ethereum mainnet and Base. It aligns the company with established
players such as IBM and Microsoft, who have already launched their blockchain
networks. According to the creator of the blockchain, Jesse Polak, who spoke
with Coindesk, Base aims to contribute to the advancement of blockchain
technology.

Meanwhile,
about a week ago, Coinbase embarked on a share repurchase program to reclaim
part of its USD $1 billion bond that will mature in September 2031. This move
followed the cryptocurrency exchange’s positive financial performance during
the second quarter of the year. Coinbase narrowed its losses to USD $97 million for the quarter from USD $1.1 billion in the same period last year.

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