Coinbase Extends Footprints into Canada

The US-based crypto exchange Coinbase has launched its operations in Canada, seeing the country as its next Go Deep Market. 

Coinbase has been under legal battle​ with the US Securities and Exchange Commission (SEC), and it considers moving away from the US if the regulatory environment did not become clearer.

In May, Coinbase took its zero-fee subscription service Coinbase One​ out of beta testing and expanded it from just the US also include the U.K., Germany and Ireland. 

According to the official press release, the crypto firm has built a tech hub in Canada with around 200 full-time employees. This makes Canada Coinbase's largest tech hub outside the US. 

The firm's Canadian business is led by Lucas Matheson, who holds the role of Canadian Country Director.

Through the collaboration with Peoples Trust Company, part of Peoples Group, Coinbase is now offering Interac e-Transfers, a payment method for Canadian clients. Leveraging Interac,  Depositing funds to Coinbase is free and almost instant.

"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," said Nana Murugesan, Vice President, International and Business Development, Coinbase. "As Coinbase’s next Go Deep Market, we are making significant investments to help Canadians access the benefits of cryptocurrency."

Last week, Fazzaco reported that Coinbase beat second-quarter revenue​ expectations on higher interest income while its executives said the crypto exchange expects to win its legal battle with the SEC.