Coinbase and Trustly Collaborate to Streamline Crypto Transactions for Canadians
Coinbase partners with Trustly for Open Banking in Canada, enabling direct bank-to-crypto wallet transactions. This follows Coinbase's recent Canadian market expansion and US crypto derivatives approval.
Trustly, a global leader in Open Banking Payments, has announced its collaboration with Coinbase, a prominent figure in the cryptoeconomy, to facilitate secure and straightforward account-to-account payments for Canadians. This partnership will enable Coinbase users in Canada to directly deposit and withdraw funds between their bank accounts and crypto wallets using Trustly's Open Banking Payments.
Canada, recognized as the world's third-most crypto-aware nation, boasts a robust regulatory framework that is conducive to innovative financial services and alternative payment methods. The integration of Trustly with Coinbase will grant users the convenience of linking their bank accounts to their Coinbase wallets. This will allow for instant fund additions or smooth withdrawals via EFT (Electronic Funds Transfer) or Interac payment systems.
Recent data from the Ontario Securities Commission reveals a growing interest in cryptocurrency within the Canadian populace. The survey indicates that over 30% of Canadians are considering purchasing crypto assets within the coming year. In light of this, Trustly has expressed its enthusiasm to further its collaboration with Coinbase. Plans are underway to enable direct bank transfers via EFT later this year. This enhancement promises users seamless transactions and higher deposit limits.
Expansion Moves by Coinbase
Coinbase's expansion into the Canadian market isn't an isolated event. On August 14, 2023, Coinbase announced its official entry into the Canadian market, marked by the integration of Interac payment rails and the launch of Coinbase One, a 30-day trial offering exclusive perks to Canadian users. This move was strategically planned, considering Canada's growing crypto-awareness. In March 2023, Lucas Matheson was appointed as the Country Director for Canada, emphasizing Coinbase's commitment to the region.
Furthermore, on August 16, 2023, Coinbase Financial Markets secured approval to offer regulated crypto derivatives products to its US customers. This was a significant move to provide a transparent and regulated environment for crypto enthusiasts in the US. The global crypto derivatives market accounts for approximately 75% of the total crypto trading volume, highlighting the significance of this development.
Ross McFerrin, VP Enterprise Growth at Trustly, commented on the alliance, stating, “Trustly is thrilled to support Coinbase and its expansion into Canada. We believe our Open Banking platform will make investing in cryptocurrency more convenient and secure for Canadians." Nana Murugesan, VP International and Business Development at Coinbase, in an interview with BNN Bloomberg, emphasized that the partnership with Trustly is a strategic move to make cryptocurrency more accessible to Canadian users.
A Glimpse into Trustly
Trustly, established in 2008, stands as a pioneer in Open Banking Payments. Their digital platform offers a unique payment journey, connecting notable global merchants directly with consumers through online banking. As of 2021, Trustly has facilitated over $42 billion in transactions within its global network, serving 8,100 merchants and connecting them with 525 million consumers across 30 countries
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