One of the Leading cryptocurrency exchanges, Coinbase, has officially initiated its operations in Canada, ushering in an array of fresh offerings designed to bolster accessibility to digital currencies for millions of Canadians Investors King gathered.
The CEO of Coinbase, Brian Armstrong, took to Twitter to announce this strategic move, highlighting the establishment of novel leadership, enhanced payment channels, regulatory advancements, and the enlistment of a workforce of 200 local professionals.
In Armstrong’s words, “Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth.”
Through a collaborative partnership with Peoples Trust Company, a constituent of Peoples Group, Coinbase has introduced the integration of Interac e-transfers, extending this capability to 100% of its Canadian user base.
This initiative stands to democratize access to cryptocurrencies across Canada, constituting a significant step toward enhanced financial inclusivity.
Coinbase underscored the seamless and swift nature of depositing funds via Interac, elucidating that over half of recent deposits have been facilitated through Interac e-transfers.
Nana Murugesan, the Vice President for International and Business Development at Coinbase, expressed optimism about Canada’s potential to emerge as a pivotal global influencer in the crypto economy, attributing this potential to the nation’s heightened awareness of cryptocurrency, a vibrant local tech ecosystem, and the strides taken toward formulating a robust regulatory framework.
David Furlong, Chief Operating Officer of Peoples Group, voiced his satisfaction with the collaboration, emphasizing the significance of partnering with industry leader Coinbase to amplify financial mobility options for Canadian patrons.
An investigative study conducted by the Ontario Securities Commission (OSC) revealed that over 30% of surveyed Canadians plan to acquire cryptocurrency within the next year, demonstrating a doubling of interest compared to the existing ownership of digital assets.
Coinbase’s endeavors in the United States, however, have been clouded by an ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC).
In June, the SEC lodged allegations against Coinbase, contending that the platform operated an unregistered securities exchange, brokerage service, and clearing agency.
In defiance of these claims, Coinbase has steadfastly maintained that the crypto tokens featured on its trading platforms do not constitute securities.
However, discrepancies persist, as SEC Chairman Gary Gensler asserts that, excluding Bitcoin, all crypto tokens should be classified as securities.
Coinbase’s countermeasure has involved appealing to the judicial system for the dismissal of the SEC lawsuit, asserting that the regulatory body has overstepped its legislative authority.
