Coinbase is seeing sustained success in Canada.
After the crypto giant recently became the first international cryptocurrency exchange to be registered in Canada, Coinbase posted a strong quarterly earnings report that in many ways exceeded analyst expectations.
Coinbase reported revenue north of US$1.6B, up more than 120% from the year-ago quarter, with net income at US$1.2B, up from a loss a year ago.
Lucas Matheson, chief executive of Coinbase Canada, which came about when the company opened a Canadian office in 2021, described the moment as “a significant milestone in Coinbase’s journey in Canada” last month.
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 200 full-time workers in Canada since hiring here starting in 2021.
Indeed, Canada poses such an important market for Coinbase that the nation represents the company’s largest technology and talent hub outside of the US.
In Coinbase’s quarterly report, Canada is referenced as part of the company’s broader push to “go deeper in international markets.”
International markets such as Canada now represent 17% of Coinbase’s total revenue, according to the report, and that figure is slated to climb.
Coinbase says its success in Canada can be attributed to “targeted initiatives” that include enhancing partnerships with financial institutions, securing more licenses, and expanding the company’s product range “to cater to local preferences.”
The company is also an investor in 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.
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