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Coinbase Pursues Opportunities Beyond US, Unveils Crypto Services in Canada

Posted on August 16, 2023

US-based Crypto exchange firm Coinbase announced it is unveiling crypto services in the Canadian market. The largest crypto firm in the US by transaction volume announced its entry into Canada. 

Coinbase Prioritizes Grip on North American Crypto Market

The entry follows the launch of Coinbase One, a subscription-based platform for crypto services. The platform will offer free trials for Canadians subscribing to Coinbase One. 

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The announcement by Coinbase to enter Canada portrays efforts to navigate the mass exit trend by firms from the crypto market. In particular, it portrays efforts by the second largest crypto exchange firm to expand its reputable stronghold on the North American digital assets market. 

Coinbase, led by Brian Armstrong, offers a thirty-day trial to the Canadian nationals of the recently unveiled subscription service. 

The platform will offer staking-specific staking services. Besides, the users will benefit through zero trading fees and prioritized customer support. 

The statement conveyed on Monday, August 14, revealed the entry into Canada, citing the unique crypto awareness driven by the robust regulatory framework. The firm lauded the clear regulatory framework adopted by the Canadian authorities. The regulatory framework contrasts the legal issues Coinbase is battling in the US. 

Coinbase Battles Lawsuit Against SEC

Coinbase has since early June been embroiled in a legal suit following its indictment by the Securities Exchange Commission (SEC), alleging it failed to register as a provider of securities exchange and brokerage services. Coinbase is accused of dealing in unregistered securities to US residents. 

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Canada hit the headlines when a report by thirty lawmakers endorsed digital assets and blockchain technology. Besides, the June report captured 16 recommendations urging the Canadian government to formulate a national strategy concerning cryptocurrencies.

The Canadian authorities have portrayed mixed treatment of digital assets independent of the lawmakers’ report and 16 recommendations on crypto regulation. 

Several crypto companies, including Binance, Bybit, and OKX, announced their exit and pause, citing the stringent regulatory climate adopted by Prime Minister Justin Trudeau. The Canadian leader has recently criticized the pro-crypto stance advanced by the opposition leaders. 

Coinbase Pursuing Alternative Opportunities to Boost Financial Health 

Coinbase has, in recent years, embarked on pursuing alternative opportunities to overcome the grueling impact of the b3ar market. The second-largest crypto exchange has fallen victim to the prolonged crypto winter. 

Coinbase published its financial results, reporting a $ 96 million loss in the second quarter. While the numbers defied the initial projections, they hardly shook off the loss shackles.

Coinbase, early this month, unveiled Base – an Ethereum-based layer-2 network to accelerate decentralized app development. Days into its unveiling, Base usage surged to rank fifth layer-2 network by amount bridged. 

Also, Coinbase announced ongoing plans to integrate the Bitcoin-based layer-2 scaling solution Lightning Network. 


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