Coinbase is looking to extend its reach in the North American market by expanding into Canada. The company said it chose Canada because of its supposedly high level of “crypto-awareness” and solid regulatory environment. This stands in contrast to the legal issues it is currently facing domestically in the US.
In addition to its expansion, Coinbase is offering a free 30-day trial of Coinbase One, its subscription service that emphasizes staking and provides free trading and top-notch customer care.
A group of 30 Canadian parliamentarians released a study in June that supported cryptocurrencies and blockchain technology, along with 16 recommendations for the government to create a national strategy. However, Canadian authorities have sent mixed signals about cryptocurrencies, and many crypto businesses have stopped operating in the country or have withdrawn.
The expansion into Canada comes as Coinbase is feeling the effects of a long-lasting bear crypto market. The exchange reported a $96 million loss for the second quarter despite its financial results exceeding expectations. Coinbase has also launched an Ethereum layer-2 network last week and is examining how to incorporate Lightning Network.
While Justin Trudeau, the prime minister of Canada, has criticized opposition figures who support cryptocurrency, Coinbase seems to believe that the market in Canada is conducive to growth.
