Coinbase, the largest cryptocurrency exchange in the U.S., has teamed up with Peoples Trust Company to offer Canadian users access to Interac e-Transfers. This move aims to make cryptocurrencies more accessible to millions of Canadians.
Interac e-Transfers: A Requested Feature
According to Coinbase, the integration of Interac e-Transfers is in response to the high demand from Canadian users. Over the past month, more than half of the deposits made on Coinbase were through the Interac service. Depositing funds through Interac is not only free but also nearly instant.
Canada’s Potential as a Cryptocurrency Hub
Canada is well-positioned to become a leader in the cryptoeconomy. With high levels of crypto awareness, a passionate local tech ecosystem, and progress towards a strong regulatory framework, the country offers significant opportunities for growth. The Ontario Securities Commission’s survey conducted in October revealed that over 30% of Canadians plan to buy cryptocurrency within the year, presenting a promising market.
Engagement with Canadian Regulators
Coinbase has been actively engaging with Canadian regulators and policymakers to establish a robust digital currency regulatory framework. The exchange signed an enhanced pre-registration undertaking with the Canadian Securities Administration, complying with nine requirements for crypto asset trading platforms. These requirements include stricter custody and segregation standards and a prohibition on offering margin or credit to Canadian clients.
Building a Tech Hub in Canada
Coinbase has established a tech hub in Canada with nearly 200 full-time employees. This hub, the largest outside of the U.S., focuses on developing the exchange’s product offerings in the region. Coinbase Ventures has also been investing in Canadian start-ups, supporting local innovation and entrepreneurship in the crypto economy.
Positive Relationship with Canadian Regulators
Coinbase CEO Brian Armstrong expresses optimism about the working relationship with the Canadian Securities Administration. Both parties are committed to regulatory clarity and consumer protection within the cryptocurrency environment.
By partnering with Peoples Trust Company, Coinbase aims to make cryptocurrency more accessible to Canadians through Interac e-Transfers. With Canada’s growing crypto awareness, strong tech ecosystem, and regulatory progress, Coinbase sees the country as a key market for expansion.