Coinbase and the largest Canadian banks are on the verge of cooperation

As part of its strategy to gain a foothold in the Canadian market, the Coinbase exchange has begun negotiations with local banks willing to work with digital currencies.

The Coindesk portal reported that the American crypto company wants to serve traders using the services of banks such as Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.

Last week, Coinbase officially announced its intention to gain a foothold in the Canadian market.

Top management representative Lucan Matheson, who is responsible for business expansion, confirmed that his team is already negotiating with the largest banks in the country.

He emphasized:

We have five banks that are used by the majority of Canadians. One of the things we're working on is partnering with senior banks to start serving our industry.

According to Matheson, Canadian authorities have a more flexible policy towards digital currencies than the United States.

Coinbase expects the country's leading banks to join its ecosystem and begin serving investors within a few quarters.

The exchange also promises to regularly update Canadian users on the DeFi decentralized finance market and cryptocurrency use cases.