Coinbase will provide Interac e-Transfer services to Canadian users as it attempts to expand in the Canadian market.
There have been broader changes in the Canadian crypto market in the past few months. Leveraging this situation, Coinbase is trying to woo Canadian customers.
Free Coinbase One Services to Canadian Users
According to the official announcement, Coinbase will provide a series of new offerings to Canadian customers. Among these services, Coinbase will introduce the Interac e-Transfer facility that allows instant deposit of funds.
Also, the exchange would give Canadian users a free Coinbase One membership for 30 days. The members are eligible for zero trading fees, boosted staking rewards, priority 24/7 support, and other perks.
Coinbase has also invested in building a tech hub with 200 full-time employees in Canada. Nana Murugsen, Vice President, International and Business Development at Coinbase, said:
“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.”
On June 29, Coinbase praised Canada’s recognition of blockchain technology as an emerging technology.
Competitors Pull out of Canada
While Coinbase praises Canada’s crypto stance, its competitors are leaving the market, citing strict regulations.
On May 13, Binance decided to shut down its services in the Canadian market, claiming that it was no longer tenable. Binance blamed the new government guidelines that required a ban on selling stablecoins, a ban on leveraged trades, and other strict restrictions. Later on May 31, Bybit also announced an exit from Canada due to the harsh regulatory developments.
According to Statista, as of March 2023, Binance had 35% of market shares. Now as Binance and other exchanges have exited the market, Coinbase can increase its market share by attracting the users of the former.
Click here to learn more about the benefits and drawbacks of crypto regulations.
Coinbase has been looking to expand overseas following the US crypto crackdown. The US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase alleging the exchange operated as an unregistered broker.
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