Finally, you can buy and sell Bitcoins by using the professional services of Coinbase. Yes, they have decided to expand their services to Canada. Read more!
Coinbase is a very popular Bitcoin services company, which has successfully raised more than $106.7m in 4 public venture rounds. This company is available in 27 countries in Europe and North America.
By the end of 2015, the CEO of Coinbase, Brian Armstrong has indicated that they are seeking to extend its professional services to three new countries. One of these three new countries was Canada.
As a result of this decision, today Canadians can successfully buy and sell Bitcoins using CAD or Canadian dollars, deposit CAD funds into Bitcoin wallets and trade Bitcoins or Canadian dollars by using the Coinbase Bitcoin exchange.
In one interview, Brian explained that, while their professional services have so far found success expanding in more developed markets, they still remain active in their efforts to extend their services to more markets. But he also suggested that the regulatory environments have so far proven simpler to navigate in markets and countries where the English language proficiency is high.
The company announced that its legal counsel doesn’t really believe that Coinbase would be engaged in any of the activities in Canada, which is an additional factor that encouraged them to fight and launch its exchange and brokerage services all over the Canadian provinces. Please keep in mind that the company’s Bitcoin/Canadian dollar exchange will be kept in a special separate order book which means that US exchange users will not be able to access via their US accounts. According to Armstrong, there is definitely an advantage to multiple currency pairs, however, they wanted to be more conservative from regulatory and legal sense.
There is certainly a competition in the US Bitcoin exchange market. Two of the biggest competitors of Coinbase are Gemini and itBit. While those exchanges have the biggest share on the market and are quite popular, Brian believes that Coinbase is better positioned when it comes to capturing investment from this demographic.Even though he spoke positively of his competitors, Brian called Gemini’s effort for banking charter in New York slightly embarrassing as he thinks that entrepreneurs and investors who are behind the project don’t have a secure or reliable record of product delivery.
Today, Coinbase is available in more than 30 states, including DC, Washington, and Puerto Rico.