EXCLUSIVE: Coinbase Conquers Canadian Crypto Market, Sets Sights On Future Growth – Coinbase Glb (NASDAQ:COIN)

Coinbase Global Inc. has had a successful year in Canada since its launch, with the exchange quickly expanding to around 200 employees. In an interview with Benzinga, Coinbase Canada Country Director Lucas Matheson discussed the challenges faced during rapid scaling and the company’s plans for the upcoming year.

Matheson highlighted the improvements made to Coinbase Canada’s product experience, including the introduction of Interac, a Canadian interbank network that allows for easy depositing of money through online banking. Over 80% of inflows into Coinbase Canada come via Interac payments.

Regulatory clarity is a significant focus for Coinbase Canada, and Matheson emphasized the company’s commitment to working closely with regulators to establish a robust regulatory framework that enables Canadians to access the digital economy safely and compliantly.

The Canadian regulatory process has been effective in supporting the crypto expansion in the country. Matheson praised Canadian regulators for establishing regulatory clarity and working collaboratively with the industry to build a strong framework. He noted that meeting regulatory requirements in Canada is a high bar, but the outcomes desired by regulators and Coinbase are aligned, aiming for safe and trusted platforms with responsible users.

Canada currently dominates the global spot Bitcoin ETF market, with seven ETFs growing to almost CA$1 billion in 2023. Matheson sees ETF approvals as institutional validation for the digital economy and believes that more ETF availability in large markets, such as the US, would be a positive signal that increases demand and awareness.

Regarding future expansion, Matheson discussed Coinbase’s investment in areas like self-custody wallets and Layer Two solutions. He mentioned that self-custody wallets could serve as gateways for users to access and leverage Web 3, enabling individuals to store funds and data securely and have more control over their interactions with the internet.

Coinbase’s mission to increase economic freedom extends to addressing issues in traditional industries like real estate. Matheson highlighted the potential for blockchain technology to improve the real estate buying process, making it safer, easier, and more transparent. He also mentioned the potential for tokenization and fractional ownership of real estate assets, providing liquidity for investors.

Looking ahead to 2024, Matheson believes that most of the big challenges in Canada are behind them. The focus now is on driving regulatory clarity and identifying use cases in the digital economy that can be adopted by other geographies. Gaining political and banking leadership that strengthens the economy and positions Canada as a leader is also a challenge.

Overall, Coinbase Canada has had a fantastic year, and Matheson is excited about what’s to come in 2024. The goal is to help as many Canadians as possible access the digital economy during this exciting time.

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