Coinbase executives said users will be able to seamlessly make deposits and withdrawals from their Coinbase wallets through the Interac service. Canadian Coinbase customers will also be able to use the Coinbase One version for free for 30 days with zero trading fees and enhanced steaking rewards. This will make cryptocurrencies more accessible to millions of Canadians.
Coinbase explained why Canada was chosen to expand its business – the country ranks third in the world in terms of cryptocurrency awareness, and is also actively creating a regulatory framework to govern the latest technology. Therefore, Canada is becoming a global leader in cryptocurrencies, Coinbase said. Exchange executives also mentioned an Ontario Securities Commission survey showing that more than 30% of Canadians are willing to buy cryptocurrencies this year.
“Coinbase is launching in Canada! New leadership, new payment rules, new regulatory milestones and 200 local employees. Smart countries are open to blockchain and cryptocurrencies, so provide clarity on their regulation. These countries are realizing that the latest digital assets can revamp the financial system and drive economic growth,” Coinbase CEO Brian Armstrong tweeted.
Armstrong recently clarified that Coinbase has no plans to leave the U.S. despite local regulators’ negative attitude toward cryptocurrencies. That said, the exchange is not reluctant to expand in other jurisdictions that are more industry friendly.