Cryptocurrency exchange oinbase">Coinbase has expanded into the Canadian market, launching its services in the country amid ongoing legal troubles with U.S. regulators.
The company is offering Canadian users a free 30-day trial of its recently launched subscription service, oinbase">Coinbase One, in an effort to onboard new customers. The service provides perks like zero trading fees, staking rewards, and priority customer support.
oinbase">Coinbase cited Canada’s “high crypto awareness” and robust regulatory framework as reasons for its market entry. This comes as the exchange faces lawsuits from the U.S. Securities and Exchange Commission alleging it improperly offered securities.
The expansion comes during a bear market that has negatively impacted oinbase">Coinbase’s finances. Despite beating revenue expectations in its latest quarterly results, the company still posted a $96 million loss.
oinbase">Coinbase has been working to bolster its offerings in the downturn, recently launching an Ethereum layer-2 network called Base to support decentralized app development. It has also explored integrating Bitcoin’s Lightning Network to boost scalability.
The move into Canada provides oinbase">Coinbase an opportunity to grow its customer base as it deals with ongoing legal action and economic headwinds in its core U.S. market. The company will aim to leverage Canadian interest in crypto and navigate the country’s evolving regulatory landscape.
