In an interview with CanadianSME Small Business Magazine, Lucas Matheson, CEO of Coinbase Canada, shared insights into Coinbase’s recent registration as the first international cryptocurrency exchange in Canada. This milestone, Lucas noted, marks a significant step toward regulated and secure cryptocurrency transactions, aligning with Canadian users’ desire for more regulated exchanges. He emphasized the importance of this registration in allowing Coinbase to introduce more complex products in the Canadian market and work closely with trusted Canadian institutions. Highlighting the robust security measures and compliance protocols Coinbase has implemented, Lucas affirmed the company’s commitment to creating a safer and more equitable financial system through blockchain technology. With a focus on educating Canadians about the benefits of cryptocurrency and navigating regulatory complexities, Coinbase aims to foster a more inclusive and technologically advanced financial landscape in Canada.
Lucas Matheson is the CEO of Coinbase Canada. He is committed to helping create a more equitable financial system in Canada through the power of blockchain. Lucas has always believed in Coinbase’s mission. He opened his Coinbase account back in 2014, long before joining the company. In his role, he ensures Coinbase is built for Canadians and with their interests in mind. Working with partners, government and regulators, he is making crypto more accessible to Canadians. Prior to Coinbase, he was the founder and CEO of Pinshape (exit Formlabs), and Senior Director at Shopify leading various operational and finance teams. Lucas is passionate about entrepreneurship. He spends his spare time advising entrepreneurs and founders on how they can grow and scale, and actively invests in web3 projects and infrastructure.
Coinbase recently became the first international cryptocurrency exchange registered in Canada. What does this achievement mean for the Canadian crypto landscape, and how does it impact Coinbase’s Canadian users?
Coinbase’s registration with the Canadian Securities Administrators (CSA) as a Restricted Dealer reinforces our commitment to Canada and our efforts to update Canada’s financial system. We believe regulation is the key to success for the crypto industry in Canada. We know it’s important to Canadians too – 72 per cent of Canadians told us that the regulation of cryptocurrency exchanges is important to them. As a Restricted Dealer, Coinbase can also now work more closely with some of Canada’s most trusted organizations and introduce more complex products into the Canadian market.
What strategies is Coinbase Canada implementing to ensure a robust and safe platform for Canadian users? How does this commitment align with your broader vision of creating a more equitable financial system in Canada through blockchain
Coinbase was founded over a decade ago and has a long history of supporting customers around the world. In that time, we have built the most sophisticated, safest and trusted digital asset platform in crypto by investing in systems to combat money laundering, and developing best practices for data and reporting compliance. We use state-of-the-art encryption and have a number of powerful security features including know your customer verification, automatic two-factor authentication, password protection and multi-approval withdrawals. With our registration, we are excited to open the door to a better, faster, more accessible financial system to even more Canadians.
With the ongoing legal and regulatory complexities in the crypto industry, how does Coinbase Canada navigate these challenges?
We’ve been committed to working with Canadian regulators and government for years, and we firmly believe that regulation is the key to growing the crypto industry in Canada. It’s clear that Canadians agree. Nearly a third of Canadians (29%) told us they would be more inclined to buy cryptocurrency if there was more regulation in the industry. Registration is just the latest step in our ongoing collaboration with regulators to help make Canada a leader in the crypto economy.
Many Canadians are still hesitant to invest in digital assets. How do you plan to educate and encourage them to explore the benefits of cryptocurrency? What role do you see the Canadian government playing in this educational effort?
We believe that crypto is the future of money and it’s here to stay. We see crypto as any asset class and investors are increasingly recommending exposure to crypto to diversify their assets. It’s important to remember that crypto is still a relatively new technology. Two-thirds of Canadian crypto owners first bought, sold or traded crypto within the past three years. We are focused on making it as easy as possible for Canadians to access the crypto economy and helping Canadians understand why the world is moving digital. The easiest way to learn crypto is by using it – many Canadians start in our self custody wallet earning free crypto through quests and rewards.
Given the rapid evolution of technology and finance, what trends do you foresee in the future of the financial landscape in Canada? How does Coinbase plan to adapt and lead in this evolving environment?
There has been an increasing awareness of crypto among Canadians and Canada boasts a tech ecosystem that has the potential to be a leader in the global crypto economy. Canada is ranked as Coinbase’s third-most crypto-aware nation globally and our research shows that the existing financial system is not working for everyone. 86% of Canadians feel that the system could use an update and 66% of Canadians believe new technology is the key to improving the system. We’re excited to continue working with partners across Canada to accelerate the adoption of digital assets, foster economic empowerment, and reshape the financial system.
