Cryptocurrency exchange Coinbase has launched in Canada, backed by the integration of Interac payment rails, with banking and payment partners, enabling fund transfers and introducing Coinbase One. The decision for Coinbase to expand into the Canadian crypto landscape was driven by a myriad of factors.

Canada, ranked as the world's third-most crypto-aware nation, has an enthusiastic local tech ecosystem. Combined with its strides towards a strong regulatory framework, the country is positioned as a potential global leader in the crypto economy. This sentiment is reinforced by the Ontario Securities Commission's survey, indicating that over 30% of Canadians are poised to venture into the world of crypto assets within the year.

Coinbase’s partnership with local banking and payment partners paves the way for greater accessibility of crypto to millions of Canadians. The integration of Interac payment rails enables all Canadian Coinbase users to deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac e-transfers. Canadian users can also try Coinbase One with a complimentary 30-day trial, featuring zero trading fees, enhanced staking rewards, and priority support.

Additionally, later in 2023, Coinbase will introduce direct bank transfers over EFT for users to enable seamless deposits, withdrawals, and high-value daily transaction limits. Recent steps taken by Coinbase to grow in the Canadian market Working with regulators, banking partners, and institutional investors: recognising the important role of regulation in the crypto landscape, Coinbase has collaborated with Canadian regulators to cultivate a policy framework that serves as a global benchmark.   Doubling down on its Canadian presence: the company’s aim to foster a user-centric crypto platform tailored for Canadians is underscored by its Canadian tech hub. With about 200 local employees, it is the largest Coinbase tech hub outside the US.  Investing in Canada's tech and developer ecosystem: through Coinbase Ventures, the company has aimed to nurture local startups that contribute to innovation, entrepreneurship, and technological advancement in various fields ranging from risk assessment to asset management.

Some Canadian portfolio partners include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, as well as Zapper.  Coinbase aims for its expansion in Canada to signal a new wave of opportunities for crypto enthusiasts across the country. This move also aligns with Canadians’ increasing interest in cryptocurrencies. Recent developments from Coinbase In May 2023, Coinbase launched the zero-fee subscription service Coinbase One in the US, the UK, Ireland, and Germany.

Traders are able to benefit from this service by executing more trades on hundreds of assets without concern for trading fees on every transaction. For long-term investors, this system was designed to help them get the most out of the crypto economy. Coinbase users can not share the subscription and need to ensure that they are the only user able to access their Coinbase account. In April 2023, Coinbase’s CEO Brian Armstrong considered the possibility of implementing the Bitcoin Lightning Network via a Twitter post as he replied to a user that questioned the company’s lack of public comments on the scaling solution.

The CEO also expressed that Bitcoin Lightning Network is a great solution that Coinbase will adopt in the future but did not specify a timeline for the integration. .