Coinbase makes its way to Canada with exciting offers
America’s largest crypto exchange, Coinbase is officially launching its operations in Canada. This expansion introduces a host of exciting features for Canadian users, including a 30-day complimentary trial of its subscription-based service with zero trading fees and higher staking rewards.
In an announcement on Monday, the exchange said the Canadian market has become a priority target for its international growth strategy. This strategic move, known as the “Go Deep” approach, capitalizes on existing customer relationships to drive further engagement.
As part of its launch, Coinbase unveiled a key collaboration with Peoples Trust Company, a subsidiary of the reputable Vancouver-based financial services firm Peoples Group, which introduces Interac payment rails.
Drawing attention to user preferences, Coinbase noted that Interac e-Transfers stood as the most sought-after feature among Canadian users. This feature enables free and nearly instantaneous deposits to the Coinbase platform, with more than half of recent deposits being made using this method.
As an enticing proposition for Canadian investors, Coinbase is offering an exclusive 30-day trial of its subscription-based product, Coinbase One. Initially introduced in the United States through a beta program, the package has now been officially launched in the UK, Ireland, and Germany with plans to extend its availability to 35 countries.
The subscription service, available for a monthly fee of $29.99, is aimed at frequent traders seeking to execute trades on a wide range of assets without incurring transaction fees. Additionally, Coinbase One is designed to assist long-term investors in maximizing their engagement with the crypto economy.
Highlighting Canada’s impressive crypto-awareness, Coinbase referenced a survey conducted by the Ontario Securities Commission, which ranked the country as the second-most crypto-aware nation in its global market.
Moreover, Coinbase acknowledged Canada’s robust local tech ecosystem and its efforts to establish a regulatory framework for the cryptocurrency industry. With close to 200 full-time employees in Canada, the country is emerging as Coinbase’s largest tech hub outside the United States.
This Canadian expansion beyond the borders of the United States aligns with Coinbase’s “Go Broad, Go Deep” strategy, unveiled in March, which bolsters its presence across six continents, excluding Antarctica.
“Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework,” said Nana Murugesan, Vice President of International and Business Development.
The expansion also comes at a time when other rival exchanges are pulling out of Canada. The country’s recent moves to impose stricter rules on digital asset trading platforms prompted Binance, the world’s biggest crypto exchange, to cease its operations in the country. Several prominent exchanges, including OKX and dYdX, also rethought their presence in Canada due to the regulatory uncertainty that has plagued the crypto business in the country.
