Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it is launching free crypto trading services for select users in Canada for the next 30 days. This is part of the company’s expansion strategy in the Canadian market, where it aims to provide more access and benefits to its customers.
Due to US Regulatory Pressure, Coinbase Enters Canadian Crypto Market
According to a blog post by Coinbase, the new feature will allow users to trade cryptocurrencies such as Bitcoin, Ethereum, Cardano, and more without paying any fees or commissions. The offer is valid until September 13, 2023, and is available to users who have verified their identity and linked their bank account or debit card to their Coinbase account.
Coinbase also revealed that it has enabled Interac e-Transfers® for all of its customers in Canada, in partnership with Peoples Trust Company. Interac e-Transfers® is a fast and convenient way to move funds from Coinbase to external wallets or vice versa.
Coinbase said that this was one of the most requested features by its Canadian users, who are known for their high interest in cryptocurrency. In addition to these product offerings, Coinbase said that it is making significant investments to improve its customer experience in Canada. These include boosting its staking rewards, offering 24/7 support, launching educational resources, and adding more local payment methods in the future.
Coinbase’s expansion in Canada comes at a time when the company is facing some legal challenges in the United States from the Securities and Exchange Commission (SEC).
The SEC has threatened to sue Coinbase over its planned launch of a lending program that would allow users to earn interest on their crypto holdings. Coinbase has argued that its program is not a security and that the SEC has not provided clear guidance on how it regulates crypto products.
Despite these issues, Coinbase has continued to grow its ecosystem and innovate its services. The company recently launched Base, a Layer 2 scaling platform for Ethereum that aims to reduce gas fees and increase transaction speed.