Coinbase is seeking banking partners in Canada
Coinbase is seeking banking partners in Canada
Cryptocurrency exchange Coinbase has begun talks with local banks to support the development of Canada's cryptocurrency ecosystem.
Coinbase officially launched its platform in Canada in August after facing heavy regulation in its home country, the United States. The decision to expand into Canada stems from the country's government's desire to create an understandable and clear regulatory framework for cryptocurrencies.
In an interview with CoinDesk, Lucas Matheson, head of Coinbase Canada, confirmed that the exchange is in talks with tier-one Canadian banks.
"We have five banks that have the majority of Canadians banking with them, and so one of the things that I'm working on in Canada is working closely with tier one banks to start banking crypto and start supporting our industry," Matheson said.
"I'm hopeful that over the next few quarters, we will see some of our larger banks in Canada start participating in the crypto economy," he added.
Lucas Matheson did not reveal the names of the banks, but it is assumed that they are banks from the so-called "Big Five Canada", which includes Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.
The head of Coinbase Canada also shared the exchange's immediate plans, which are aimed at informing Canadians about the benefits of a decentralized system and the potential of cryptocurrency as a means of payment.
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