With its latest rollout in Canada, Coinbase’s VP of international business development Nana Murugesan said the exchange is “going deep.”
“As part of a two-pronged international strategy,” he said Decrypt“‘go deep’ refers to a 1:1 very local strategy in markets with clear regulatory frameworks.”
Coinbase launched through a tie-up with another open banking platform called Trustly.
“Working with Trustly allows users a more seamless experience when making deposits, withdrawals, and daily high-value transaction limits,” a spokesperson said. Decrypt.
The second part of the strategy is “expansion,” which consists of one-to-many product and service offerings across markets, such as the recently launched “wallet as a service.”
According to the executive, Canada is special because it offers “regulation by negotiation,” unlike its American counterparts that Murugesan said use “regulation by enforcement.”
Canada was in the news in late June when a group of thirty Canadian lawmakers published a report supporting crypto and blockchain technology, with 16 recommendations for the country’s government to make a national strategy on the subject.
That said, some authorities are sending mixed signals.
Coinbase isn’t afraid of Canada’s crypto stutter
Many businesses have withdrawn or stopped their operations in Canada, citing regulatory constraints, and the country’s Prime Minister Justin Trudeau has issued several criticisms against pro-crypto leaders in opposition.
However, Lucas Matheson, the Canadian country manager for Coinbase appeared undaunted by this apparent double take. “Their regulatory environment is based on principles,” he said Decrypt.
Matheson also points to a growing Web3 ecosystem in Canada, as well as a strong developer ecosystem — both of which are more than enough reasons to establish a hub in the country, he said.
The positive regulatory news comes in stark contrast to the legal issues Coinbase is facing in the state. Still, company executives are bullish — especially in light of the recent announcement.
“We want to align traditional finance with crypto,” Murugesan said.