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- 1 Coinbase ramps up global expansion after facing off with the U.S. Securities and Exchange Commission’s (SEC) regulatory implementation.
- 2 The crypto exchange officially declared its launch in Canada.
Coinbase launched in Canada with its Coinbase One. Coinbase One is a service for a 30 day trial which offers free trading service, priority support, and staking rewards to the local users. The expansion comes after the SEC sued the exchange for violations. Coinbase faces regulatory proceedings as it is keen to argue the charges
The company said that it is maintaining transparency and ensuring compliance to become a publicly traded company in the U.S., and their vision is now to expand globally. Coinbase proudly announced their international expansion with their official launch in Canada.
Details of Coinbase One and Previous Global Projects
Coinbase One facilitates the Canadian users to deposit and withdraw funds in Canadian Dollar (CAD) to and from their Coinbase wallets through Interac e transfers. It will charge zero trading fees and will provide 24/7 priority support with enhanced staking rewards. The crypto exchange firm plans to provide withdrawal, increased daily transactions, and smooth transactions later in 2023.
Coinbase also launched the platform in Bermuda that serves non-US institutional clients. They provide users to trade Bitcoin and Ether transactions in USDC.
The exchange said that they expected the U.S. to take a similar path rather than regulation by enforcement which hurts the crypto industry and hampers its development in the U.S.
The company has shown interest in the United Arab Emirates (UAE) due to its welcoming regulatory environment in the area. Nana Murugesan, VP of International and Business Development at Coinbase said that the region is emerging as a leader in the development of the Web3 ecosystem which makes it an attractive location to consider for investing. The vacuum which is created by other international counterparts is now filled with UAE’s approach.
Coinbase Promising Announcements and Implementations in Canada
Coinbase has made it easy for Canadians to utilize the maximum benefits of crypto with the best of Coinbase through membership with Coinbase One. Nana Murugesan said that Canada is well positioned to become a global leader in the cryptocurrency sector and this is all because of its awareness about crypto, dedicated tech ecosystem and the development of a strong regulatory framework.
Other than this, Coinbase has also made some promising announcements to grow its base in Canada. In March, the company signed Pre-Registration Undertaking (PRU) and continues working with regulators and policy makers for a strong regulatory framework of digital currency for Canadians.
The company has also built a tech hub in Canada with 22 full time employees. This will make Canada Coinbase the largest tech hub. The exchange has also invested in Canadian startups. They hired Lucas Matheson as Coinbase’s Canadian Country Director.
Summary
Coinbase is showing its huge interest in cross border engagements facilitating fruitful expansions. The company faced regulatory issues in June this year from the SEC for offering trading services with unregistered securities such as ADA, SOL etc.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
