Latest news with #CoinbaseCanada
Globe and Mail
3 days ago
- Business
- Globe and Mail
Canada was once a global leader in crypto. It can be one again
Lucas Matheson is chief executive of Coinbase Canada In a world that's becoming more unstable every day, embracing digital assets must be part of Canada's plans for the future. We are seeing countries around the world take cryptocurrency seriously. The United States has appointed a 'crypto czar,' formed a working group on digital assets, and is launching a strategic cryptocurrency reserve. Last year, the European Union's regulations for crypto assets (MiCA) are coming into full effect. But here in Canada, we lag – even though this country has historically been a global crypto leader and innovator. We're the birthplace of the decentralized blockchain platform Ethereum and the world's first bitcoin ETF. U.S. banks tiptoe toward crypto, awaiting more green lights from regulators Trump Media to raise US$2.5-billion to invest in bitcoin Crypto was not a priority for our previous administration. And although Pierre Poilievre came out strongly in support of crypto when he ran for Conservative leader, no policies around digital assets appeared in his party's official platform before last month's election. Such plans were absent from the Liberals' platform, too. Now, with Prime Minister Mark Carney having formed government, there's a critical opportunity to catch up – and lead – by prioritizing policies around digital assets. Mr. Carney has made various positive public statements on crypto in the past, which is a step in the right direction. He has also appointed a crypto champion to cabinet: Joël Lightbound, the Minister of Government Transformation, Public Works and Procurement, endorsed bitcoin in the House of Commons in November, 2023, contrary to the then-government's stance. Crypto users aren't a fringe group – an estimated five million Canadians already hold digital assets. And there's a clear economic opportunity. The House of Commons' Standing Committee on Industry and Technology found that the global blockchain industry could grow to US$1.59-trillion by 2030. The price of bitcoin remains volatile relative to more conventional assets, but over 16 years it has matured considerably. BlackRock, the asset manager, has recommended investors allocate up to 2 per cent of their portfolio to bitcoin. Countries including the United States are in the process of establishing a crypto reserve and even here at home, last year the City of Vancouver voted to explore the process. The blockchain ecosystem is still young and, like all new technologies, has its growing pains. Bad actors are also continuing to affect the industry's reputation. From investment and phone scams to kidnappings to exchange-platform hacks and the exploitation of meme coins, we still see Canadians who are learning about crypto being taken advantage of, further damaging trust in the system. Despite this turbulence, I deeply believe that cryptocurrency is the future of money and that, with some bold commitments, Canada can become a global leader in it once again. First of all, within the first 100 days, the new government should establish a crypto task force, bringing together leaders from public and private sectors and academia with the goal of developing a national strategy on implementing policy. The task force would also map out a strategy to establish a strategic crypto reserve, which would help diversify government holdings and hedge against financial risks. The government should also begin regulating stablecoins, cryprocurrencies whose value is pegged to a reference asset, and put forward a market structure bill, similar to the laws currently progressing through the U.S. Congress. The government needs to remove securities regulation barriers for fiat-backed stablecoins, which are crypto's fastest growing use case, and align with international jurisdictions by treating them as payment instruments rather than securities. Next, our banking and payment infrastructure must evolve. Our banks need to be allowed to safely hold and manage crypto assets, enabling unified management of both traditional and digital assets. This could be a win-win for consumers and financial institutions. For consumers, these reforms would greatly simplify their experience managing digital assets and build deeper trust in crypto. For banks, this could open up new revenue streams and demonstrate their commitment to financial innovation. We also need to double down on crypto mining. With some of the world's cheapest energy, Canada could become the world's crypto mining capital. We're talking about unlocking many billions of dollars in potential investment. The new government needs to make it easier for Canadians to build large crypto and AI data centres, and that starts with cutting red tape and taxes that make it difficult to establish mining operations. Lastly, Canadians need clear guidelines, clear definitions of crypto assets and greater education on investing in digital assets. There's so much opportunity in blockchain, and government and the private sector need to work together to create safe ways for Canadians to participate in the crypto economy. Canada has the talent and resources to become a global crypto leader again. It's up to the government to make it happen.
New York Post
3 days ago
- Business
- New York Post
How to Buy Bitcoin in Canada: A beginner's guide to cryptocurrency
New York Post may be compensated and/or receive an affiliate commission if you click or buy through our links. Featured pricing is subject to change. In Canada, more people are exploring how to buy and sell Bitcoin, whether as a speculative asset, long-term investment, or gateway to the broader crypto economy. But for beginners, the process can seem complex — especially when trying to navigate platforms, regulations, and wallets. One of the first names to know is Best Wallet. The platform is positioning itself as a beginner-friendly option in the Canadian crypto space, allowing users to buy, sell, and hold Bitcoin securely. It also supports integration with self-custody wallets and claims to offer competitive fees and strong compliance protections. The world's first Bitcoin ATM was installed at a coffee house in Vancouver, British Columbia, Canada in 2013. Getty Images From popular apps like Shakepay and Bitbuy, to global exchanges like Binance Canada and Coinbase Canada, Canadians have more ways than ever to access the digital currency economy. Whether you're wondering how to buy Bitcoin in Canada with an e-Transfer, a TD Bank or RBC account, a credit card, or even PayPal, this guide explains what to know before getting started. How to buy crypto in Canada for beginners For Canadians, the easiest way to begin is by using a regulated crypto platform. These services let users fund their accounts in Canadian dollars and convert that balance into BTC — the ticker symbol for Bitcoin. 'There are two different regulatory regimes in Canada, both of which publish lists of registered businesses,' said Amber D. Scott, co-founder and chair of Outlier Solutions. 'This is a useful starting point for investors vetting companies.' Apps like Shakepay, Wealthsimple, Coinsquare, and Bitbuy are popular for beginners. These custodial platforms hold users' Bitcoin on their behalf and typically support funding through Interac e-Transfer, which remains the most widely used method to buy Bitcoin in Canada. In Canada, more people are exploring how to buy and sell Bitcoin, whether as a speculative asset, long-term investment, or gateway to the broader crypto economy. Getty Images Some platforms also allow purchases with a credit card, and a growing number — such as Coinbase Canada — offer limited support for buying Bitcoin in Canada with PayPal. Users banking with TD Bank or RBC can typically connect accounts or cards for direct deposit or transfer options, though compatibility varies by platform. More advanced users may choose non-custodial services like Best Wallet, Bull Bitcoin, or Beaver Bitcoin, which transfer Bitcoin directly to the user's private wallet rather than holding it in-platform. These services are registered with FINTRAC as money services businesses (MSBs) and are often favored by privacy-conscious buyers. For those not ready to hold crypto directly, Bitcoin ETFs are another option. Investors can buy Bitcoin ETF Canada listings through traditional brokerages, gaining exposure to BTC price movements without holding the asset itself. Still, owning Bitcoin through an app or ETF doesn't offer the same control as managing your own wallet. 'The idea of a blockchain and the associated crypto-assets… is that you hold crypto-assets yourself,' said Andreas Park, professor of finance at the University of Toronto. 'Only then can you use them as intended and access the services that they stand for.' A retail storefront in Toronto, Canada offering to accept Bitcoin — reflecting the growing accessibility of cryptocurrency beyond online platforms. REUTERS While platforms like Coinbase Wallet offer user-friendly ways to manage crypto privately, self-custody comes with serious responsibilities. 'With the ability to control assets come high risks,' Park said. 'If one loses the private key that controls the assets, one loses the assets.' What is Bitcoin? Bitcoin is a decentralized digital currency created in 2009. It allows users to send money directly to each other over the Internet without going through banks or governments. It runs on a blockchain—an open, distributed ledger that records every transaction. 'Bitcoin is the mother of all cryptocurrencies with a market capitalization of almost US$2 trillion and tens of millions of users,' said Alex Tapscott, an author and speaker on blockchain technologies. 'It functions like cash for the internet and a final settlement layer for the crypto-economy.' The Bitcoin price fluctuates significantly, attracting both investors and speculators alike. However, experts caution that BTC is not a risk-free asset. 'A Bitcoin is an entry in a distributed database, the Bitcoin network,' said Park. 'It is effectively a digital sticker… Buying Bitcoin is not 'investing,' it's speculation.' Bitcoin, a decentralized digital currency created in 2009, allows users to send money directly to each other over the Internet without going through banks or governments. REUTERS Still, Bitcoin remains one of the most widely held cryptocurrencies in the world. 'Bitcoin is digital gold for investors and a lifeline for many of the world's unbanked,' said Tapscott. Scott agrees, calling Bitcoin the most prominent cryptocurrency today. 'Bitcoin accounts for the majority of the market share of all virtual currencies,' she said. 'There is a really in-depth collection of resources updated regularly by Jameson Lopp at for anyone who wants to learn more.' Canadians can buy Bitcoin through apps, web platforms, and even buy-and-sell ATMs found in urban centers. These Bitcoin ATMs allow cash-based purchases but often charge higher fees than online exchanges. What is cryptocurrency? While Bitcoin is the most well-known digital currency, it's just one of thousands. 'Cryptocurrency is a relatively broad term used to capture a variety of different electronic or virtual currencies,' said Scott. 'In some cases, these can be secured by traditional assets like gold or fiat currencies — also called stablecoins or value-referenced cryptoassets.' Tapscott said the purpose of cryptocurrencies has expanded beyond simple money transfers. 'Cryptocurrencies attempt to build Internet-native money that can act as a store of value, unit of account, and peer-to-peer medium of exchange,' he said. 'But there are many other different types of digital assets beyond just 'currencies,' and each is important in its own way.' Beyond Bitcoin (BTC), there are utility tokens, stablecoins, and application-based assets that power decentralized apps on platforms like Ethereum. Are You Crypto Curious? How to start crypto trading today Best Wallet Download a trusted exchange app — Start by choosing a licensed crypto exchange. We recommend starting with the Best Wallet app, available for both iOS and Android. Create and verify your account — Sign up using your email, Google, or Apple ID. To complete registration, you'll need to verify your identity with a government-issued ID and enable two-factor authentication (2FA) for added security. Fund your account — Deposit money into your account by linking a bank account or credit card or even using gift cards. Choose an option that best fits your lifestyle. Buy your first cryptocurrency — Use the app's marketplace or swap tool to purchase crypto by entering the ticker symbol — like BTC for Bitcoin or ETH for Ethereum — and follow the prompts to complete the transaction. Choose how to store your crypto — Decide whether you'll keep your crypto in the exchange, move it to a digital wallet (hot wallet), or store it offline (cold wallet) for extra protection. LEARN MORE Some of these assets are used for gaming, digital identity, lending, and cross-border payments. 'My interest is in the technology — blockchain — and what it can be used for,' said Park. 'Essentially, a blockchain is a value transfer protocol that does not require a third party like a bank.' However, Park also warned about the proliferation of worthless tokens in the space. 'Many, many tokens have absolutely no genuine value proposition,' he said. 'Any muppet can create a token, attach a pretty sticker to it and waffle about 'community.' Don't get drawn into this nonsense.' Where to buy Bitcoin in Canada Canadians now have more access points than ever when it comes to buying crypto. Whether through Wealthsimple, Bitbuy, Shakepay, or Binance Canada, users can fund accounts using Canadian dollars and buy BTC through apps or web platforms. These custodial exchanges are regulated under Canadian securities laws and offer a convenient entry point. More advanced buyers often use Coinbase Wallet to move their BTC into private storage or explore decentralized apps. For those looking for alternatives, Bitcoin ETFs can be purchased through traditional brokerages — ideal for investors who don't want to manage crypto keys or navigate blockchain networks. And for anyone asking how to buy Bitcoin in Canada with TD Bank, RBC, credit card, PayPal, or Interac e-Transfer, the answer is: it depends on the platform. A technician inspects the backside of Bitcoin mining at Bitfarms in Saint Hyacinthe, Quebec. AFP via Getty Images Most Canadian exchanges support e-transfer, while some accept bank cards and PayPal for a fee. 'Canadians have a wide range of options for buying Bitcoin,' said Tapscott. 'Each method comes with its own tradeoffs in terms of fees, custody, convenience, and security.' Ultimately, Park said, real crypto ownership begins with taking custody. 'Buying a token on a marketplace like Coinsquare or Wealthsimple is not enough,' he said. 'One needs to transfer the assets to a self-custody wallet to truly control them and access decentralized applications.' Cryptocurrency is not a guaranteed path to profit. While it offers incredible potential, it also comes with volatility, scams, and technical complexity. A worker checks the fan on a miner, at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada. REUTERS 'The most important gap is to understand that the blockchain economy is not about token price speculation, but about useful applications,' said Park. Scott encourages Canadians to consult reliable educational resources, including the Canadian Securities Administrators' investor tools. She also recommends the Certified Bitcoin Professional (CBP) credential for those serious about learning. 'There is a frustrating amount of fraud and crime, but also an equally frustrating amount of fear-mongering,' said Park. 'Never ever put any money into crypto assets that you are not prepared to lose 100%.' Still, Tapscott remains bullish on the long-term transformation underway. 'Bitcoin is actively undergoing a renaissance,' he said. 'It is evolving beyond just a medium of exchange or store of value into a platform that supports a wide array of activities, applications, and use cases.' For Canadians wondering how to buy crypto in Canada, the options are vast — but informed decision-making is key. Understanding both the risks and the technology is the best first investment.
Yahoo
15-05-2025
- Business
- Yahoo
Coinbase Canada CEO Urges Mark Carney Government to Move Fast on National Crypto Strategy
TORONTO — Lucas Matheson, CEO of Coinbase Canada, made a case for Canada's new government to create a national crypto strategy during his appearance at Consensus 2025 in Toronto. Speaking on a panel titled, "What the new Canadian Government Needs to do to Lead In Crypto," Matheson outlined some key steps he believes will help position Canada as a leader in the blockchain space. Matheson highlighted that Canada has long been a hub for crypto innovation, citing Ethereum's origins and the strong presence of Web3 developers at Canadian universities. However, he said the country risks falling behind as other nations actively shape crypto policies. "We need leadership. We need champions in government to embrace this technology and legitimize it in the eyes of the everyday Canadian," Matheson said. He emphasized the importance of having a dedicated federal crypto leader, similar to the U.S. crypto czar. One of his primary suggestions was for Carney to establish a government-led crypto task force within the first 100 days of the new administration. This task force would develop a national crypto strategy, including defining digital assets, regulating stablecoins, and allowing banks to hold crypto securely. Matheson also proposed creating a strategic bitcoin reserve and integrating crypto mining with existing data centers. Matheson noted that stablecoins could play a key role in making digital assets less speculative, suggesting that Canada needs a stable, Canadian-dollar-denominated coin to boost financial efficiency. "One in five Canadians remit money abroad. We pay between 6% and 12% to remit money all around the world. And today, with crypto, you can click different buttons on your phone and send your friends and family 6% to 12% more money," he said. Metheson also noted that 15% of Canadians are considered underbanked in Canada, which creates "a significant opportunity for us to drive innovation and change," in the country via crypto. To further advocate for policy change, Matheson pointed to the "Stand with Crypto" initiative. This aims to educate lawmakers about blockchain's benefits and address misconceptions. He noted that the initiative is gaining traction among industry leaders and aims to build support among the members of Parliament. As Canada transitions to a new government led by Mark Carney, Matheson expressed optimism about the new administration's new mandates regarding innovative technology. "They [Liberals] are mandated to build Canada to find economic growth and opportunities for us to embrace technology. And we have a government that is highly motivated to think of opportunities to help our country gain more economic advantage. And I think crypto and other technologies will need to be embraced, and to do that, we need to educate them," he said. However, Matheson cautioned that Canada risks being left behind in the global race to integrate crypto into the financial system unless it takes swift action. He compared the current challenges in Canada as "a square peg, round hole, legal definitional problem," due to several different layers of securities regulators. This means that Canadians are forced to look elsewhere for crypto-related services, potentially resulting in a loss of opportunity for the country and opening users to risks. "We're at risk for not moving fast enough to embrace the types of technology and products and services in Canada, and as a regulated financial institution, it's a priority for us to make sure that we can introduce these products and services in a compliant way, so that Canadians aren't just using a VPN and jumping off and using non compliant platforms around the world."
Arabian Post
14-05-2025
- Business
- Arabian Post
Coinbase Canada Backs QCAD to Strengthen Digital Loonie's Role in Global Finance
Coinbase Canada has made a strategic investment in Stablecorp, the Toronto-based fintech firm behind QCAD, a Canadian dollar-backed stablecoin. While the investment amount remains undisclosed, the move underscores Coinbase's commitment to expanding its footprint in the Canadian digital asset market and bolstering the adoption of QCAD as a reliable, fiat-pegged digital currency. QCAD is designed to maintain a 1:1 peg with the Canadian dollar, backed by reserves held in cash and cash equivalents. These reserves are managed by Stablecorp Digital Currencies Inc. , a wholly owned subsidiary of Stablecorp. To ensure transparency and trust, the reserves are custodied by Tetra Trust Company, Canada's only qualified custodian for digital assets. Monthly attestation reports, conducted by Canadian Chartered Professional Accounting firm Grewal Guyatt LLP, are publicly posted to validate the reserve volumes against the total circulation of QCAD. Initially launched on the Ethereum blockchain, QCAD has since expanded its availability to Stellar, Algorand, and Solana blockchains. This multi-chain approach enhances accessibility and utility, allowing users to leverage QCAD across various decentralized platforms. On Solana, for instance, users can engage in foreign exchange transactions between QCAD and USDC at significantly reduced costs compared to traditional FX venues, with instant settlement capabilities. Stablecorp distributes QCAD through an Authorized Dealer model, wherein wholesale institutional entities can purchase and sell QCAD at a fixed price of one Canadian dollar. While these Authorized Dealers have direct claims on the underlying reserves, retail holders of QCAD do not possess such claims. To mitigate currency risk, all proceeds from QCAD sales are converted into Canadian dollars before being moved into reserves. See also Grindery Launches Aventino to Enhance AI Agent Transactions The strategic investment by Coinbase Canada aligns with its broader efforts to enhance its offerings in the Canadian market. By supporting QCAD, Coinbase aims to provide Canadian users with a stable and transparent digital currency option that facilitates efficient cross-border transactions and on-chain foreign exchange operations. Arabian Post – Crypto News Network
