As Coinbase continues to dive deeper into the Canadian market, it has announced a partnership with Trustly to help bolster its account-to-account (A2A) transactions.
Coinbase users in Canada will be able to deposit and withdraw funds more directly and seamlessly from their bank account to their crypto account, enabled by Trustly’s Open Banking capabilities.
As Canada is opening itself more as a crypto-friendly country, Trustly will allow Canadian Coinbase users to also add funds and withdraw instantly and withdraw through the EFT and Interac payment rails, the latter being recently adopted by Coinbase.
Ross McFerrin, VP Enterprise Growth at Trustly, said: “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. We are excited to see how our partnership with Coinbase, a leader in the industry, unfolds.”
A robust regulatory framework combined with the world’s third-most crypto-aware nation according to Trustly, make Canada an ideal and primed market for instant crypto to fiat transactions.
Popularity and demand for cryptocurrency options continue to grow in Canada; a survey by the Ontario Securities Commission indicates that over 30% of Canadians plan to buy crypto assets in the next year.
Coinbase plans on strengthening its offerings in Canada by enabling direct bank transfers over EFT later this year, allowing users to be able to benefit from seamless deposits, withdrawals, and high-value deposit limits.
Nana Murugesan, VP International and Business Development at Coinbase, added: “We are excited to partner with Trustly to offer additional financial options for our Canadian customers to deposit and withdraw funds from our platform.”
