Coinbase plans to expand its services in Canada, where the regulators have tightened the rules for cryptocurrency exchanges. Coinbase confirms this thing on a blog, which was posted on their website.
In that post, Coinbase stated that they are expanding their services to Canada and are very excited to serve a country where millions of crypto investors are interested in investing in crypto. Moreover, they have also added that they have hired a new executive to lead all the Canadian operations.
They have announced that they have hired an ex-executive of Shopify, Lucas Matheson, to manage all the operations of Coinbase in Canada.
Lucas Matheson is carrying overall experience of more than a decade in e-commerce and worked for Coinbase for payment processing. He will oversee the exchange’s operations and the scalability of its presence in Canada.
Key Points:
- Coinbase plans to expand its services in Canada despite tightening regulations for cryptocurrency exchanges.
- They saw Canada as a key market for growth, with millions of crypto investors interested in investing in cryptocurrencies.
- Matheson previously worked for Coinbase in payment processing and will oversee the exchange’s operations and scalability in Canada.
CoinDesk reported on Wednesday that despite facing a more challenging regulatory regime, the cryptocurrency exchange intends to continue operating in Canada.
It follows a similar announcement from rival exchange Kraken on Thursday, stating their plans to stay in the country.
Matheson joined crypto exchange after working for five years at Shopify, where he worked on operations and strategic expansions. He has to monitor more than 200 engineers.
Lucas Matheson tweeted,
“#Canada 🇨🇦, we’re committed to working with regulators to create a strong #crypto regulatory framework! Signing out PRU is a big commitment and a step towards this goal. Lots more to come.
We are investing in the Canadian market for more exploration and innovation. Our local team will travel significantly to Canada to engage with regulators, partners, and the community to better understand the Canadian market and its unique needs.
Coinbase stated in their blog post that they had signed an enhanced Pre-Registration Undertaking with Canadian regulators before the March 24 deadline, indicating their commitment to adhere to the forthcoming regulatory framework.
Coinbase’s Expansion in Canada
Coinbase has been expanding in Canada after analyzing cryptocurrency’s constant demand and adoption. They also added in their blog post that Canada is a vast market, and we have been working for years to bring our services to this diverse market.
Coinbase said that we would continue and expand our operations in Canada by providing them with more features and advanced functionalities for the investor’s convenience. This expansion in Canada will bring numerous benefits for Coinbase because it will interact with more tech people interested in investing in cryptocurrencies.
Recent Hirings of Coinbase
They have hired several positions in the past few times to enhance its reach in this dynamic world. The exchange has hired the SEC director Brett Redfearn as the head of the company’s regulatory affairs. Another person is Manish Gupta, who was the former Google Executive as the new Chief Operating Officer.
The exchange is also expanding its presence in Europe and has opened a new office in Germany. For that, they will hire more than 200 employees in their region. Lucas Matheson is also new, hiring in the position of the executive to oversee all Canada Operations.
Coinbase has recently hired another former Shopify executive, Matheson, to join their team. This move follows the addition of Shopify’s CEO, Tobias Lütke, to Coinbase’s board in February. These appointments coincide with Coinbase’s efforts to expand its e-commerce operations and create a marketplace for NFTs.
Canada has recently implemented stricter laws for crypto trading companies, requiring them to agree to new conditions while waiting for registration. Coinbase has signed the PRU, indicating its commitment to complying with these regulations and strengthening its presence in Canada.
Summary
The rapid expansion of Coinbase in Canada and the hiring of Lucas Matheson to lead its operation in Canada showed the exchange’s commitment and expansion for accumulated growth.
As cryptocurrency gains more traction in Canada, Coinbase is poised to serve the growing number of investors in the country and introduce innovative features and products to the market.
With the addition of notable executives and their expansion endeavors in Europe, Coinbase is demonstrating its commitment to cementing its status as a significant player in the cryptocurrency industry.
FAQs
Why is Coinbase expanding its services in Canada?
Coinbase sees Canada as a key market for growth, with millions of crypto investors interested in investing in cryptocurrencies.
Who is Lucas Matheson, and what will be his role at Coinbase?
Lucas Matheson is an ex-executive of Shopify, which Coinbase has hired to manage all the operations of Coinbase in Canada. He will oversee the exchange’s operations and the scalability of its presence in Canada.
How is Coinbase expanding its presence in Europe?
Coinbase is expanding its presence in Europe by opening a new office in Germany and planning to hire more than 200 employees in the region.
What is PRU, and why did Coinbase sign it?
PRU is an Enhanced Pre-Registration Undertaking that Canadian regulators require crypto trading companies to sign before they can be registered. They signed it to comply with the regulations and strengthen its presence in Canada.
