Coinbase marks ‘official launch’ in Canada with Interac integration

Coinbase announced its “official launch” in Canada, following the integration of Interac payment rails for all Canadian users.

The integration, in partnership with Peoples Trust Company — part of Peoples Group — was the most requested feature by Coinbase’s Canadian users, according to a statement. The feature makes it easier for Canadians to deposit and withdraw Canadian dollars in and out of their Coinbase accounts. Depositing funds via Interac is free and almost instant, Coinbase said.

Coinbase’s official entry also introduces its Coinbase One subscription product with a 30-day trial providing access to zero trading fees, boosted staking rewards and priority support. Direct bank transfers are also planned for later this year, according to a blog post.

Coinbase committed to Canada despite competitor exits

Coinbase said Canada was the world's third-most crypto-aware nation, which it sees as its next “go deep” market. The country's robust regulatory framework and local tech ecosystem positions it as a potential global leader in the crypto economy, Coinbase added. 

“Canada is well positioned to be a global leader in the crypto economy thanks to the high levels of crypto awareness, a passionate local tech ecosystem and the progress towards a strong regulatory framework,” Coinbase's International and Business Development Vice President Nana Murugesan said.

Coinbase said in a previous blog post it remained committed to serving customers in Canada, despite the recent exits of crypto exchange rivals such as Binance and Bybit, citing regulatory developments. Kraken also said it planned to continue operating in the country.

New regulatory requirements

In December, the Canadian government announced new requirements for crypto firms, including keeping customer assets separate from company assets and using a third-party custodian. 

The Canadian Securities Administrators also said stablecoins were possible securities or derivatives, similar to how U.S. regulators view those digital assets, and began prohibiting margin or leverage trading for Canadian clients. Firms were told to register and comply with those rules to continue operations in the country.

In February, the Canadian Securities Administrators began requiring crypto firms to sign new undertakings if their registration was pending. Coinbase Canada, Inc, was incorporated in the same month. Coinbase signed a pre-registration undertaking with the agency in March, having appointed Shopify’s Lucas Matheson as Country Director and built out a Canada tech hub with over 200 engineers. Through Coinbase Ventures, the platform has also invested in local startups like Dapper Labs, Minerva AI and Axelar.

Although Coinbase describes the move as its “official launch” in Canada, the crypto exchange has offered services to Canadian customers since September 2015.

In June, Coinbase was sued by the United States Securities and Exchange Commission, alleging it had violated U.S. securities laws.