Coinbase and Trustly Collaborate to Streamline Crypto Transactions for Canadians

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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Americans Present Stronger Desires than Canadians in Crypto, Ipsos Study Shows

The intention of investing in cryptocurrencies like Bitcoin (BTC) or using tokens as a payment option among Americans is higher than among Canadians, according to a new survey by Ipsos. 

Per the study:

“Globally, one in three (35%) internet users are likely to invest in Bitcoin or another cryptocurrency as a short-term investment (USA 24%; Canada 17%).”

The preference for crypto is higher among Americans than Canadians based on varying reasons, like sheltering their wealth from taxes and avoiding cross-border banking fees. 

One factor that makes Canadians lag behind Americans in crypto investment and usage entails differing attitudes. 

Fen Hampson, Chancellor’s Professor at Carleton University, pointed out:

“Given the big differences in attitudes between Canadians and Americans towards cryptocurrencies, there may be diminishing political capital in the Canadian population at large for those who want to promote the idea that consumers will use cryptocurrencies instead of the Loonie. However, in the United States, it is a different story.”

Lower crypto intake noted in Canada

According to Sean Simpson, an Ipsos member:

“It is notable that intended uptake of cryptocurrencies is lower in Canada than in most countries surveyed. Conservative leadership hopeful Pierre Poilievre has advocated for cryptocurrencies and their ability to help users opt out of inflation.”

A contrasting scenario is observed in the U.S. because of a more receptive audience, with Wyoming Senator Cynthia Lummis leading the pack as a vocal crypto supporter. She seeks to have this sector regulated and normalized. 

Meanwhile, the appeal for crypto use is higher among younger generations. Per the report:

“In the United States, four in ten (40%) Americans aged 18-34 are at least somewhat likely to use a cryptocurrency to buy a good or service in the next year. In Canada, those aged 18-34 are most inclined to say they’re at least somewhat likely (29%) to use a cryptocurrency in the next year to buy a good or service.”

A recent poll by NBC News revealed that one in five (20%) Americans had used, traded, or invested in cryptocurrency.

The online Ipsos Survey interviewed 14,519 internet users in 20 countries between November 10 and 24, 2021. The respondents were aged between 16 and 74 years.

The countries involved included Sweden, Turkey, the United States, Spain, Singapore, the Republic of Korea, South Africa, Poland, Mexico, Kenya, Japan, Israel, Indonesia, India, Great Britain, Germany, France, Canada, Brazil, and Australia. 

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When neighbors Rat on their fellow neighbors, it is a sign of the destruction of your society… I WILL NEVER raise my family in a place where this happens… *ALL CANADIANS should be embarrassed !!!

When neighbors Rat on their fellow neighbors, it is a sign of the destruction of your society… I WILL NEVER raise my family in a place where this happens…
*ALL CANADIANS should be embarrassed !!!


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