Canadian expansion is part of a “two-pronged international strategy,” says Coinbase executive

With the recent launch in Canada, Nana Murugesan, Vice President of International Business Development at Coinbase, said the exchange is “going in depth.”

“As part of a two-pronged international strategy,” he said decrypt“‘Go deep’ refers to a 1:1 strongly localized strategy in markets that have a clear regulatory framework.”

Coinbase conducted the launch via a collaboration with another open banking platform called Trustly.

“Working with Trustly will allow users to have a more seamless experience when making deposits, withdrawals and setting high daily transaction limits,” said a spokesman decrypt.

Part two of the strategy is to “go broader,” which involves a one-to-many offering of products and services across all markets, such as the recently launched “wallet as a service.”

According to the executive, Canada is special because it offers “regulation by engagement,” unlike its American counterparts, which Murugesan says uses “regulation by enforcement.”

Canada was in the news in late June when a cohort of thirty Canadian lawmakers released one report Supporting crypto and blockchain technology with 16 recommendations to the country’s government to develop a national strategy on the issue.”

However, some authorities have sent mixed signals.

Coinbase is undeterred by Canada’s crypto stumbles

Several companies have withdrawn or have halted their operations in Canada citing regulatory restrictions, and the country’s Prime Minister Justin Trudeau has lashed out at opposition leaders who are pro-cryptocurrencies.

Still, Lucas Matheson, Canada’s country manager for Coinbase, seemed unfazed by these apparent double entenders. “Their regulatory environment is based on principles,” he said decrypt.

Matheson also cited a growing Web3 ecosystem in Canada, as well as a strong developer ecosystem — both more than enough reasons to set up a hub in the country, he claimed.

The positive regulatory news is in stark contrast to the legal issues Coinbase is facing in the US. Still, the company’s executives are bullish — especially given the recent announcement.

“We want to reconcile traditional finance with crypto,” Murugesan said.