Coinbase Officially Launches in Canada
TL;DR Coinbase announces its official entry into the Canadian market, backed by the integration of Interac payment rails, with leading banking and payment partners, enabling seamless fund transfers, and the introduction of Coinbase One – a 30-day trial offering zero trading fees, boosted staking rewards, and priority support for Canadian users.
In our relentless pursuit of reshaping the global financial system and fostering economic empowerment, Coinbase is unwavering in its commitment to unveiling innovative products that drive crypto adoption. While our journey towards transparency and compliance led us to becoming a publicly traded company in the United States, our vision transcends borders. Today, we proudly announce a pivotal milestone in our international expansion strategy – our official launch in Canada.
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March '23 marked a significant milestone, as we welcomed Lucas Matheson as the Country Director for Canada, and signed an Enhanced Pre-Registration Undertaking, honoring our dedication to regulatory compliance and operational excellence.
Why Canada, you ask? Our decision to delve into the dynamic Canadian crypto landscape was informed by a myriad of compelling factors. Ranked as the world's third-most crypto-aware nation, Canada boasts an enthusiastic local tech ecosystem that, combined with its strides towards a robust regulatory framework, positions it as a potential global cryptoeconomy leader. 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.
Today we’re making several exciting announcements together with local banking and payment partners that will help make crypto more accessible to millions of Canadians: first, we are expanding our offerings in Canada with the completed roll-out of Interac payment rails, empowering all Canadian Coinbase users to seamlessly deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac e-transfers. Additionally, Canadian Coinbase users can also try Coinbase One with a complimentary 30-day trial, featuring zero trading fees, boosted staking rewards, and priority support. And later this year, we will enable direct bank transfers over EFT for users to enable seamless deposits, withdrawals, and high value daily transaction limits. These are just the latest of several steps we’ve taken in recent months to grow in the Canadian market:
Working with regulators, banking partners and institutional investors: Recognizing the pivotal role of thoughtful regulation in the crypto landscape, Coinbase has collaborated with Canadian regulators to cultivate a policy framework that serves as a global benchmark. Furthermore, our engagement with Canadian banks, investment advisors, and pension funds reflects our dedication to facilitating their successful navigation of the evolving digital asset realm.
Doubling-down on our Canadian presence: Our commitment to fostering a user-centric crypto platform tailored for Canadians is exemplified by our robust Canadian tech hub. Boasting nearly 200 full-time local employees, makes Canada Coinbase's largest tech hub outside the US, reaffirming our resolve to empower Canada's burgeoning crypto community.
Investing in Canada's thriving tech and developer ecosystem has been paramount to our strategy. Through Coinbase Ventures, we've nurtured local startups that contribute to innovation, entrepreneurship, and technological advancement in fields ranging from risk assessment to asset management. Notable Canadian portfolio partners include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.
Coinbase's Canadian expansion heralds a new era of possibilities for crypto enthusiasts across the nation. As Canadians eagerly embrace the potential of cryptocurrencies, our foray into the Canadian market stands as a pivotal milestone in our mission to bring the most trusted name in crypto around the world, revolutionize the financial landscape and empower individuals with economic freedom on a global scale.
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About Nana Murugesan and Lucas Matheson
Nana Murugesan is the Vice President of International and Business Development at Coinbase where he leads the company’s international operations and global partnerships. Previously, he was the Managing Director of International Markets at Snap Inc. where he led Snapchat’s international expansion and strategic partnerships.
Earlier in his career, Nana was the Vice President and General Manager at Samsung, where he served in a number of strategy, partnerships, and operations roles to launch and grow their Galaxy smartphone and services business, notably Samsung Pay. He also held product roles at Cisco and strategy consulting roles at BCG.
Nana received his BE in Engineering from the University of Madras, MS in Engineering from the University of Wisconsin-Madison and MBA from The Wharton School at the University of Pennsylvania.
Lucas Matheson is Coinbase's Canadian Country Director. He is committed to helping create a more equitable financial system in Canada through the power of blockchain.
Lucas has always believed in Coinbase’s mission. He opened his Coinbase account back in 2014, long before joining the company. In his role, he ensures Coinbase is built for Canadians and with their interests in mind. Working with partners, government and regulators, he is making crypto more accessible to Canadians.
Prior to Coinbase, he was the founder and CEO of Pinshape (exit Formlabs), and Senior Director at Shopify leading various operational and finance teams.
Lucas is passionate about entrepreneurship. He spends his spare time advising entrepreneurs and founders on how they can grow and scale, and actively invests in web3 projects and infrastructure.
