Coinbase In Talks With Canadian Banks To Rally Support For Crypto
- Coinbase is reportedly holding talks with some of the largest financial institutions in Canada.
- The exchange is trying to gather support for Canada’s crypto market following its official entry into the country.
- The Royal Bank of Canada and the Imperial Bank of Commerce are likely among the ones talking with Coinbase.
- The objective is to get Canada’s tier-one banks to start participating in the crypto economy.
American crypto giant Coinbase is reportedly in talks with some of Canada’s largest banking institutions in a bid to gather support for the local crypto ecosystem. The California-based crypto exchange’s efforts to rally support for Canada’s crypto industry come just days after it officially announced its entry into the country’s crypto market.
Coinbase Wants Canada’s Top Banks To Participate In Crypto
Lucan Matheson, Coinbase’s Director of Canadian Operations, has reportedly been holding talks with the tier-one banks in Canada. CoinDesk reported earlier today that Canada’s largest banks, also known as the Big Five, may be among those targeted by the American crypto exchange.
The Big Five banks of Canada include the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. Matheson has likely been holding talks with these banking giants to rally support for the local crypto ecosystem.
We have five banks that have the majority of Canadians banking with them and so one of the things that I’m working on in Canada is working closely with tier one banks to start banking crypto and start supporting our industry.”
According to Matheson, Canada has a “regulation by engagement” approach when it comes to regulating the crypto industry, as opposed to the “regulation by enforcement” approach in the United States. He hopes the country’s top banks will start participating in the crypto market over the next few quarters.
The Coinbase director added that Canadian regulators were working to come up with an appropriate regulatory regime for the country’s crypto market, in line with its ambition to become a leader in the space. The crypto exchange also plans to educate Canadian investors about the decentralized economy and its use cases in the payments space.
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