Coinbase Crashes into the Canadian Crypto Scene
Crypto Platform Coinbase Debuts in Canada with Stock Exchange Appearance
Take a seat, eh! Crypto exchange giant, Coinbase, has set sails to our chilly neighborhood—Canada. The plans include a strategic alliance with Peoples Trust Company, eventually making it a breeze for our gloveless neighbours to seamlessly transfer Canadian dollars to and from their Coinbase accounts.
Peoples Trust will be the sneaky little puppetmaster, offering Coinbase users access to the super convenient Interac e-Transfer service, which allows you to sling your cash using just the recipient's email address or phone number. Sounds like a no-brainer, huh? That's because it is! 50% of deposits made through Interac e-transfer last month were on Coinbase, proving just how eager our fellow Canucks were for this service.
Coinbase, smelling blood in the water, announced this big move in a press release. To sweeten the deal, they're tossing in a whopping 30 days of free access to Coinbase One for our Canadian pals. This means zero trading fees, boosted staking rewards, 24/7 priority support, and more!
Coinbase doesn't waste any time in calling Canada its next "Go Deep Market." Nana Murugesan, VP of international and business development at Coinbase, spilled the beans on our country's crypto-friendly regulations:
"Canada is a prime contender to lead the global cryptoeconomy thanks to the sky-high crypto awareness, a fiery local tech scene, and inroads towards a robust regulatory framework. We're throwing our weight behind Canadians to reap the benefits of cryptocurrency."
## Coinbase Gets Cozy with Canada
Not one to mess around, Coinbase has got big plans to burrow deeper into Canada. A study by the Ontario Securities Commission (OSC) revealed that 30% of Canadians are keen to buy cryptocurrency within the year, up from those already owning crypto assets.
Backed by these promising numbers, Coinbase recently snagged Lucas Matheson as their Canadian Country Director, and penned an Enhanced Pre-Registration Undertaking (PRU) in March, marking their determination to walk shoulder to shoulder with Canadian regulators and policymakers in crafting a dependable digital currency framework for citizens.
The firm has set down roots in Canada, establishing a tech hub bursting with almost 200 full-time employees and has its sights set on becoming its largest tech hub outside the U.S. Coinbase has also been perusing several Canadian startups to nurture local innovation and entrepreneurship, pushing forward the global crypto economy.
A Stablecoins Revolution
It's not just Canada's crypto curveballs that Coinbase finds appealing; its foray into Stablecorp, a Toronto-based issuer of QCAD (a Canadian dollar-backed stablecoin), is making waves. QCAD, supported by Coinbase, opens the floodgates for users to make instant, 24/7, borderless payments using multiple blockchains (Ethereum, Stellar, Algorand, Solana) without worrying about the outrageous transaction costs typical of traditional financial systems such as wire transfers in Canada.
QCAD maintains a rock-solid 1:1 peg with the Canadian loonie, audited monthly to ensure a transparent digital currency option for Canadian users. All proceeds from QCAD sales are converted into CAD reserves, helping mitigate currency risk. In short, QCAD is revolutionizing digital payments and DeFi integration in Canada, promoting the growth of the Canadian crypto market.
In essence, Coinbase's ambitious expansion plays a significant role in reshaping Canada's digital asset landscape, fostering innovation, efficiency, and important regulatory discussions aimed at easing the operational challenges stablecoins currently face in the country. Exciting times ahead for our verdant Dubs, eh? Faster, cheaper, more efficient transactions are on the horizon!
- Coinbase, as it settles into the Canadian market, is keen on exploring business opportunities, especially in the realm of stablecoins, partnering with Stablecorp, a Toronto-based stablecoin issuer.
- Coinbase's foray into the Canadian market includes staking rewards as part of their Coinbase One offer, providing Canadian users with increased incentives for holding cryptocurrency.
- The entrance of Coinbase into Canada's crypto scene is inspired by Canada's robust regulatory framework, friendly business environment, and high crypto awareness, as identified by Nana Murugesan, Coinbase's VP of international and business development.
- With the intention of fostering local innovation and entrepreneurship, Coinbase has engaged in discussions with Canadian startups, aiming to establish itself as the country's largest tech hub outside the US.
- In the spirit of democratizing digital payments and DeFi integration, Coinbase's support for QCAD, a Canadian dollar-backed stablecoin, allows for instant, borderless, and cost-effective transactions across various blockchains, enhancing the growth of the Canadian crypto market.
