Coinbase Reaches to Customers in Canada

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Coinbase Reaches to Customers in Canada

After reaching to more than a dozen countries in Europe, Coinbase has now targeted customers in Canada. According to the Bitcoin exchange customers in Canada can now buy and sell Bitcoin using its platform. Earlier, CEO Brian Armstrong indicated that the company was seeking to extend its services to 30 countries by the end of 2015.

From what it has achieved till now, it appears, Coinbase has been able to reach to most of the destinations it has planned. Armstrong also disclosed that Canadian residents can now buy and sell Bitcoin using Canadian dollars (CAD), deposit CAD funds into Bitcoin wallets and trade CAD/BTC using the Bitcoin exchange.

Nonetheless, the Bitcoin services firm is not just expanding to the new regions and countries but also accumulating wealth for the purpose as well. For instance, it raised $106.7m in four public venture rounds and serving 27 countries in North America and Europe, the two continents that have the most number of Bitcoin users.

Talking about the latest achievement, Armstrong admitted that the company has so far found success launching in more developed markets, it remains active in its efforts to extend its services to developing markets. The company moves to the territories that have favorable laws regarding Bitcoin and Bitcoin companies.

Retail conversion fees Waived through 6th September

Even Armstrong admitted that the regulatory environments have so far proven easier to navigate in countries where English language proficiency and technology literacy are high. He was quoted saying that the issue for the company is not where to go but where to get the partners who are willing to work with it.

He confessed that Canada has a huge population of people that are interested in Bitcoin that didn’t have easy ways to buy and sell it. Nonetheless, Coinbase declares that CAD/BTC exchange will be kept in a separate order book, meaning, for now, US exchange users will not be able to access the pair via their US accounts.

Armstrong was quoted saying that there is certainly an advantage to multiple currency pairs, but they wanted to be more conservative from a legal and regulatory sense. The company will waive retail conversion fees for users of its Bitcoin brokerage service through 6th September and trading fees on its exchange product will not be subject to the promotion.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com