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Author Topic: Coinbase in Canada!  (Read 1152 times)

Chase

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Coinbase in Canada!
« on: August 31, 2015, 06:40:04 PM »

This news made my day!  It was a very long, drawn out process to be a Coinbase customer from Canada.  I'll let you know how much faster / easier this is in a couple of days.


Coinbase Expands Bitcoin Services to Canada

Bitcoin users in Canada can now buy and sell bitcoin using Coinbase.

The bitcoin services firm, which has raised $106.7m in four public venture rounds, is now available in 27 countries in North America and Europe. The move follows the company's expansion to Europe in September 2014.

CEO Brian Armstrong had previously indicated that Coinbase is seeking to extend its services to 30 countries by the end of 2015, a goal he disclosed at the time of the startup's $75m Series C round, announced in January.

As a result of the move, Canadian residents can now buy and sell bitcoin using Canadian dollars (CAD), deposit CAD funds into bitcoin wallets and trade CAD/BTC using the Coinbase bitcoin exchange.

In an interview, Armstrong explained that, while the company has so far found success launching in more developed markets, it remains active in its efforts to extend its services to developing markets. However, he suggested the regulatory environments have so far proven easier to navigate in countries where English language proficiency and technology literacy are high.

Armstrong told CoinDesk:

"It's not where we would want to launch first, it's actually where the partners we have to work with are able to work with us first. But certainly Canada has a huge population of people that are interested in bitcoin that didn't have easy ways to buy and sell it."

The company indicated its legal counsel does not believe Coinbase to be "engaged in any regulated activity" in Canada, a factor that encouraged it to launch its brokerage and exchange services across all Canadian provinces.

Notably, the company's CAD/BTC exchange will be kept in a separate order book, meaning, for now, US exchange users will not be able to access the pair via their US accounts.

"There's certainly an advantage to multiple currency pairs, but we wanted to be more conservative from a legal and regulatory sense," Armstrong continued.

As part of the launch, Coinbase said it would waive retail conversion fees for users of its bitcoin brokerage service through 6th September. Trading fees on its exchange product will not be subject to the promotion.

Wall Street shoe-in

Armstrong also commented on the increasing competition in the US bitcoin exchange space, which has seen the launch or announcements of expected launch by well-capitalized competitors including itBit and Gemini.

While those exchanges may have garnered the lion's share of media discussion, Armstrong feels Coinbase is best positioned to capture investment from this demographic. In particular, he cited the New York Stock Exchange's (NYSE) investment in the company and co-founder Fred Ehrsam's experience at Goldman Sachs.

"If Wall Street is doing to do anything [with bitcoin], they're going to do it with us. Perception here is that we're a shoe-in in the banking crowd," he said.

Coinbase Exchange is currently available in more than 30 states, as well as Washington, DC and Puerto Rico, partly through licenses secured in each jurisdiction. Rival itBit has alternatively secured a New York banking charter, which it has claimed gives it the ability to service customers in all 50 US states.

Though he spoke positively of rival itBit, Armstrong called Gemini's effort, including its recent filing for a banking charter in New York, "embarrassing", suggesting the investors and entrepreneurs behind the project, brothers Cameron and Tyler Winklevoss don't have a reliable track record of product delivery.

Business model questions

As for Coinbase's long-term revenue model, Armstrong said the startup is likely to add additional financial products to its exchange product, potentially including derivatives.

Armstrong described the company's brokerage and professional trading tools as its "Google AdWords", the revenue-generating arm of the firm that will allow it to pursue more innovative, low-cost, consumer-facing services.

Still, he acknowledged that, across the industry, wallets and exchanges are having difficulty raising revenue, but he believes Coinbase is well-positioned to monetize through its brokerage service, given that the company has established a trusted name in the industry.

"It's more an Apple than a WalMart model," he continued. "I think the consumer business is going to be defensible and profitable and allow us to offer the developer platform for free."

For now, he reiterated Coinbase is seeking to build an "open and efficient payment network" for a global user base, emphasizing that its services in Canada are yet another step toward that goal.

http://www.coindesk.com/coinbase-expands-bitcoin-services-to-canada/

Shepherd

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Re: Coinbase in Canada!
« Reply #1 on: August 31, 2015, 07:49:27 PM »

This news made my day!  It was a very long, drawn out process to be a Coinbase customer from Canada.  I'll let you know how much faster / easier this is in a couple of days.


Coinbase Expands Bitcoin Services to Canada

Bitcoin users in Canada can now buy and sell bitcoin using Coinbase.

The bitcoin services firm, which has raised $106.7m in four public venture rounds, is now available in 27 countries in North America and Europe. The move follows the company's expansion to Europe in September 2014.

CEO Brian Armstrong had previously indicated that Coinbase is seeking to extend its services to 30 countries by the end of 2015, a goal he disclosed at the time of the startup's $75m Series C round, announced in January.

As a result of the move, Canadian residents can now buy and sell bitcoin using Canadian dollars (CAD), deposit CAD funds into bitcoin wallets and trade CAD/BTC using the Coinbase bitcoin exchange.

In an interview, Armstrong explained that, while the company has so far found success launching in more developed markets, it remains active in its efforts to extend its services to developing markets. However, he suggested the regulatory environments have so far proven easier to navigate in countries where English language proficiency and technology literacy are high.

Armstrong told CoinDesk:

"It's not where we would want to launch first, it's actually where the partners we have to work with are able to work with us first. But certainly Canada has a huge population of people that are interested in bitcoin that didn't have easy ways to buy and sell it."

The company indicated its legal counsel does not believe Coinbase to be "engaged in any regulated activity" in Canada, a factor that encouraged it to launch its brokerage and exchange services across all Canadian provinces.

Notably, the company's CAD/BTC exchange will be kept in a separate order book, meaning, for now, US exchange users will not be able to access the pair via their US accounts.

"There's certainly an advantage to multiple currency pairs, but we wanted to be more conservative from a legal and regulatory sense," Armstrong continued.

As part of the launch, Coinbase said it would waive retail conversion fees for users of its bitcoin brokerage service through 6th September. Trading fees on its exchange product will not be subject to the promotion.

Wall Street shoe-in

Armstrong also commented on the increasing competition in the US bitcoin exchange space, which has seen the launch or announcements of expected launch by well-capitalized competitors including itBit and Gemini.

While those exchanges may have garnered the lion's share of media discussion, Armstrong feels Coinbase is best positioned to capture investment from this demographic. In particular, he cited the New York Stock Exchange's (NYSE) investment in the company and co-founder Fred Ehrsam's experience at Goldman Sachs.

"If Wall Street is doing to do anything [with bitcoin], they're going to do it with us. Perception here is that we're a shoe-in in the banking crowd," he said.

Coinbase Exchange is currently available in more than 30 states, as well as Washington, DC and Puerto Rico, partly through licenses secured in each jurisdiction. Rival itBit has alternatively secured a New York banking charter, which it has claimed gives it the ability to service customers in all 50 US states.

Though he spoke positively of rival itBit, Armstrong called Gemini's effort, including its recent filing for a banking charter in New York, "embarrassing", suggesting the investors and entrepreneurs behind the project, brothers Cameron and Tyler Winklevoss don't have a reliable track record of product delivery.

Business model questions

As for Coinbase's long-term revenue model, Armstrong said the startup is likely to add additional financial products to its exchange product, potentially including derivatives.

Armstrong described the company's brokerage and professional trading tools as its "Google AdWords", the revenue-generating arm of the firm that will allow it to pursue more innovative, low-cost, consumer-facing services.

Still, he acknowledged that, across the industry, wallets and exchanges are having difficulty raising revenue, but he believes Coinbase is well-positioned to monetize through its brokerage service, given that the company has established a trusted name in the industry.

"It's more an Apple than a WalMart model," he continued. "I think the consumer business is going to be defensible and profitable and allow us to offer the developer platform for free."

For now, he reiterated Coinbase is seeking to build an "open and efficient payment network" for a global user base, emphasizing that its services in Canada are yet another step toward that goal.

http://www.coindesk.com/coinbase-expands-bitcoin-services-to-canada/

That is great news for our Canadian friends. I like Coinbase and have been with them since day one.

What really caught my attention is the clear indication that there is significant competitive pressure building up. The Bitcoin  only exchanges will not find sufficient revenue growth to survive. It will be more and more competitive and some will be very friendly to Bitcoin Alternative like DNotes. To us at this point, strategic positioning and building a trusted brand if of paramount importance. And that is what we have been doing.

Chase

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Re: Coinbase in Canada!
« Reply #2 on: July 07, 2016, 06:36:20 PM »

I just received this email from Coinbase:

**************
Dear valued Coinbase customer,

As of August 1, Coinbase’s Canadian payments provider, Vogogo, will be shutting down its payment processing business. When this occurs, Coinbase will no longer be able to support Canadian EFT transfers, Interac transfers, or the storage of customer CAD on Coinbase.

All customer CAD stored with Coinbase MUST be withdrawn off site or converted to digital currency by July 29th.

If you hold CAD in your Coinbase account, you must liquidate your CAD holdings before July 29th by either:

creating a withdrawal to your linked bank account or
exchanging stored CAD for digital currency.
If you are unable to withdraw or exchange your CAD before July 29th, Coinbase will suspend your account and significant fees will be incurred for CAD withdrawals.
We are disappointed to lose the ability to offer these payment methods for our Canadian customers and hope to provide additional payment methods in the future. We appreciate your support during this change.

If you have any questions regarding this or would like to contact us, please visit our Support Center.
******************

I kept my American Coinbase account rather than switch to the Canadian one, which was a good (lucky) call in hindsight. We will have to wait for an announcement from them to see exactly how Canadians are to pay for their bitcoin purchases. Stay tuned...

wiser

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Re: Coinbase in Canada!
« Reply #3 on: July 09, 2016, 03:14:46 AM »
Bummer!

Glad you kept your American account :)

Chase

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Re: Coinbase in Canada!
« Reply #4 on: July 29, 2016, 11:48:50 PM »

Coinbase now allows Canadians to buy bitcoin with a debit or credit card:


Instantly Buy Digital Currency in Canada & Singapore

https://blog.coinbase.com/2016/07/28/instantly-buy-canada-singapore/

Chase

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Re: Coinbase in Canada!
« Reply #5 on: August 16, 2016, 12:32:07 AM »

I was celebrating my American Coinbase account prematurely. When I tried buying bitcoin from it (with US dollars - I have never had a Canadian Coinbase account or paid with Canadian dollars) I wasn't allowed, until I "set up a payment method". I contacted them and their response was I could still buy bitcoin from Canada using my debit or credit card.

Oh joy!! The cards with the worst track record of security breaches as well as linking even more bank accounts to an exchange...  >:(

It wasn't until I read this article, that all the pieces started fitting together (at least in my mind - lol).


Coinbase Quadruples Fees For Credit and Debit Card Transactions

http://themerkle.com/coinbase-quadruples-fees-for-credit-and-debit-card-transactions/


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