PROFILE

Today, we learn more about Coinbase, and how it’s helping to increase economic freedom for billions (yes, billions).

Let’s start with an easy one. What is Coinbase?

Coinbase is revolutionizing the outdated financial system with a reliable platform that simplifies engagement with crypto assets. Their services include trading, staking, safekeeping, spending, and rapid, free global transfers. They also offer essential infrastructure for on-chain activities and support innovators who believe in the potential of on-chain technology.

Alongside the crypto community, they advocate for responsible regulations to ensure the benefits of crypto are accessible worldwide.

Why crypto?

Today, approximately 1.7 billion people lack access to traditional banking systems or wealth-creating opportunities. In Canada alone, 15 million people are underbanked or unbanked. Decentralized finance has the potential to transform the lives of billions globally. Crypto represents the future of money, and we're witnessing its impact on financial services. An open financial system is being built on-chain, offering equal access without intermediaries. Global payments are a promising use case.

There is a common misconception that crypto is merely an asset class, which is outdated by 3-4 years.

Coinbase is offering a reboot to the financial system and offers new ways to unlock wealth for many.

What’s been the hardest part about launching in Canada, given the regulations?

Regulation is key to the success of the crypto industry in Canada, and the team has been working with regulators for over a year to create a strong crypto regulatory framework.

Earlier this year, they officially became registered in Canada, making them the first and largest international exchange in Canada to do so. This is a game changer for the industry, and just the start of their work to make Canada a leader of the crypto economy.

A survey conducted found that 72% of Canadians think that regulation of cryptocurrency exchanges is important. Regulation is critical to the success of the crypto industry and is essential for building trust.

They continue to work with regulators all across the world to ensure regulation reflects the needs of the industry, which can be challenging but (as we can see) progress is being made.

So, what do the next 12 months look like?

Over the next 12 months, the primary focus at Coinbase Canada is to expand its market presence and further solidify its regulatory framework. They aim to make significant strides in making digital assets more accessible to Canadians and enhancing their platform to offer more features that cater to both retail and institutional clients.

More of the long-term goals also include:

• Helping more Canadians understand why the world is moving digital, and demystify digital assets in Canada

• Onboard Canadians to experience the benefits of crypto and decentralized finance

• Grow the institutional business and help companies in Canada access digital assets for their business and their clients.

• Make it easier for Canadians to move large amounts of money in and out of Coinbase

• Identify more champions in government to advocate for change and ensure Canada establishes policies that give Canadians more choice

• Grow their Web3 ecosystem and community of builders

• Hiring and growing a world-class team to update the financial system in Canada

• Advancing their regulatory status in Canada to ensure expansion of the products and services they can offer.

Interesting Fact: Over the last year, Coinbase has obtained licenses and registrations in France, Spain, Singapore, Italy, Ireland, and the Netherlands.

What can other Founders and Builders learn from the Coinbase story?

Builders and those building startups are always trying to solve a problem.

We stumbled upon an interesting interview with CEO of Coinbase Brian Armstrong who chatted more about how he built Coinbase, and what inspired him to take that leap.

Want to learn more about Coinbase & building a business?

On August 12, Canada Country Director at Coinbase, Lucas Matheson takes the stage to offer more insights into Coinbase in Canada, regulations, and how Coinbase continues to evolve.

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