Coinbase Makes Progress Toward Achieving ‘Regulatory Clarity’ in Canada

Financial strength was certainly a key part of Coinbase’s quarterly earnings report this week.

“Our results reflect continued revenue diversification and execution on our goal to generate positive Adjusted EBITDA in all market conditions,” stated Anil Gupta, Head of Investor Relations for Coinbase.

But as critical as diversifying revenue is for Coinbase, which generated US$1.4B during Q2, establishing “regulatory clarity” within major markets is also a top priority for the crypto titan.

The obvious market where Coinbase desires to “advance crypto legislation” is of course the US. That is where the fintech first launched Stand With Crypto last year with an aim to disrupt America’s traditional financial system by encouraging the adoption and legitimacy of crypto assets as legal currencies and investments.

“We made extraordinary progress towards driving regulatory clarity in the US and around the world,” stated Gupta.

After a year in the US, the campaign garnered more than one million supporters. Recently, the campaign expanded north to Canada, a nation with an estimated five million holders of crypto assets.

“We continue making critical progress towards driving regulatory clarity in Canada,” commented Lucas Matheson, who serves as chief executive of Coinbase Canada.

“We believe that Coinbase is uniquely positioned to capitalize from regulatory clarity and help Canada be a leader in the industry,” he added.

Matheson describes the Stand with Crypto campaign as a “grassroots movement that champions blockchain innovation and economic growth.”

Coinbase’s expansion of Stand with Crypto into Canada follows a conscious effort for the company to “go deeper” into international markets.

Ranked as the world’s third-most crypto-aware nation, Canada possesses an “enthusiastic tech ecosystem that has the potential to be a leader in the global crypto economy,” according to Coinbase, which employs more than 200 full-time workers in Canada since hiring here starting in 2021.

Indeed, Canada is currently the company’s largest technology and talent hub outside of the US.

Coinbase is also an investor in multiple Canadian crypto startups, including Fintech.ca notables MinervaAI from Toronto and Dapper Labs out of Vancouver, as well as Axelar, Horizon Blockchain Games, and Zapper.