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.
Canada’s Cryptoeconomic Potential
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.
This article was written by Jared Kirui at www.financemagnates.com.
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