Coinbase, the leading bitcoin wallet and exchange services provider has expanded its business to Canada. The company has been in the expansion mode or a while now, and by adding Canada to the list, Coinbase is making sure that it has market dominance in North America.
Coinbase already has presence in 27 countries. It received a boost in its expansion plans after entering the European market a year ago. According to the CEO of Coinbase Brian Armstrong, the company is targeting to make its presence felt in 30 countries by the end of this year.
Canada happens to be one of the friendliest soil for bitcoin and other digital currency companies to operate from. By entering Canada, Coinbase has provided one more option for Canadian bitcoin community to buy, sell and trade bitcoins in Canadian dollars. Coinbase has made its service available in all provinces across Canada as its operations are believe to not fall under any regulated category according to the provisions of Canadian law.
The bitcoin platform can expect a great response in Canada as the country has a decent number of bitcoin using population and the awareness about bitcoin among Canadians is also high. However, Coinbase is not merging the order books meant for Canada with that of United States. So, CAD/BTC currency pair will be independent from rest of the currency pairs currently available on Coinbase platform. Coinbase is said to have taken this approach to prevent any regulatory or legal hassles in the new market.
Coinbase also has promotional offers for its Canadian customers. The company is waiving off conversion fees for those using its bitcoin brokerage service till 6th September. However, trading fees will remain the same during the offer period as well.
Coinbase has raised over $100 million in multiple investment rounds so far.
READ MORE: Coinbase’s Brian Armstrong Shares His Views about Bitcoin
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