Coinbase introduced a set of new features for Canada today. Among other things, the crypto exchange enabled access to Interac e-Transfers for all Canadian users. It also launched its subscription-based feature Coinbase One, now offered free of cost to all users in the region for thirty days.
Coinbase One Comes to Canada
Coinbase announced on Monday it is expanding its footprint in Canada by enabling access to Interac e-Transfers to 100% of Canada-based Coinbase users.
According to the press release, Interac was “the most requested feature by Canadian users” as it makes moving funds in and out of accounts simpler and more secure. Interac is expected to make cryptocurrencies more accessible to millions of Canadian users, Coinbase added.
“[…] Today’s news demonstrates Coinbase’s plan to build a platform that is for Canadians, by Canadians. Depositing funds to Coinbase using Interac is free and almost instant. In the last month, over 50% of deposits have been made through Interac e-transfer.”
Coinbase wrote in the press release.
In addition, as of Monday, Canadian Coinbase customers can also maximize the full potential of crypto through via membership with Coinbase One – a subscription-based product that offers members access to exclusive benefits, such as zero-trading fees, improved staking rewards, and priority customer support.
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Why Canada?
Coinbase’s Canada expansion comes as the world’s second-largest crypto exchange views the North American country as its next ‘Go Deep Market.’ This refers to a business growth strategy aimed at selling more products to existing customers or new ones the company can develop quickly. Coinbase has nearly 200 full-time employees in Canada, making it its largest tech hub outside the US.
The decision is not surprising, given that Canada is the second-most crypto-aware country across Coinbase’s global markets. According to a survey by Ontario Securities Commission, more than 30% of Canadians are interested in buying a cryptocurrency within the year, while over 60% said they already own crypto assets.
Another possible factor why Coinbase chose Canada is because its arch-rival Binance left the market in May 2023, citing recent crypto regulatory developments in the nation. The move made Coinbase the largest operating crypto exchange in Canada.
Shares of Coinbase were slightly up in premarket trading Monday. The stock gained more than 140% in 2023, despite facing a lawsuit from the US Securities and Exchange Commission (SEC).
Given the ongoing regulatory issues in the US, do you think Canada could become one of the leading crypto hubs? Let us know in the comments below.
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