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 told Decrypt, “‘go deep’ refers to 1:1 highly localized strategy in markets that have clear regulatory frameworks.”
Coinbase executed the launch via a tie-up with another open banking platform called Trustly.
“Working with Trustly allows users a more seamless experience to make deposits, withdrawals, and high-value daily transaction limits," a spokesperson told Decrypt.
Part two of the strategy is to “go broad,” which entails a one-to-many offering of products and services across markets, such as its recently launched “wallet as a service.”
According to the executive, Canada is special because it offers “regulation by engagement,” unlike its American counterparts which Murugesan said use “regulation by enforcement.”
Canada was in the news in late June when a cohort of thirty Canadian lawmakers published a report backing crypto and blockchain technology, with 16 recommendations for the nation’s government to create a national strategy on the topic.”
That said, some authorities have sent mixed signals.
Coinbase unfazed by Canada’s crypto stutter
Several enterprises have withdrawn or paused their operations in Canada, citing regulatory constraints, and the country’s Prime Minister Justin Trudeau has issued hefty criticism against pro-crypto opposition leaders.
Still, Lucas Matheson, Canada’s country manager for Coinbase appeared unfazed by these apparent double takes. “Their regulatory environment is based on principles,” he told Decrypt.
Matheson also pointed to a growing Web3 ecosystem in Canada, as well as a strong developer ecosystem–both more than enough reasons to establish a hub in the country, he claimed.
The positive regulatory news comes in stark contrast to the legal issues Coinbase is facing stateside. Nonetheless, the company’s executives are bullish–especially in lieu of the recent announcement.
“We want to harmonize traditional finance with crypto,” said Murugesan.