Canadian Coinbase users have finally received a long-awaited capability to transfer funds via the Interac e-Transfers service.
Amidst global regulatory changes and challenges, Coinbase, a leading cryptocurrency exchange, has announced the decision to strengthen its presence in the Canadian crypto market.
On August 14th, Coinbase revealed a collaborative venture with Peoples Trust Company, a renowned financial institution in Canada. The strategic move entails facilitating Coinbase users with an eagerly awaited feature: the capability to deposit and withdraw funds through the Interac e-Transfers service.
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As stated by Coinbase, this update was the top demand from their Canadian clientele since its initial introduction in the country.
Highlighting the vast potential in the Canadian market, Nana Murugesan, Coinbase's Vice President for International and Business Development, emphasized Canada's budding influence in the global crypto sphere, calling it the next "Go Deep Market."
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.
Validating Coinbase's optimism towards Canada, findings from the Ontario Securities Commission suggest an impressive appetite for crypto in the region, with over 30% of Canadians indicating their intent to invest in cryptocurrencies this year.
Coinbase's foray into Canada stands in stark contrast to other crypto giants like Binance and ByBit, who opted to retreat from the Canadian market in the face of tightening local regulations.
Notably, the Canadian Securities Administrators (CSA) implemented stringent rules, compelling crypto exchanges to commit to multiple terms even as their applications were pending approval.
Despite Coinbase's promising Canadian endeavors, challenges persist closer to home. Recent disputes with US regulatory authorities, including an ongoing legal spat with the US Securities and Exchange Commission, remain a concern. However, Coinbase CEO Brian Armstrong asserted on August 4th that any notion of leaving the US is “not even in the realm of possibility right now.”
Coinbase's assertive move into Canada showcases its ambition to tap into burgeoning markets and fortify its global presence. With Canada's rising prominence in the crypto domain and Coinbase's commitment, the future seems poised for collaborative growth and innovation.
