Coinbase Introduces Rewards of 4% on USDC Assets for Canadian Users
In a significant move for the Canadian crypto market, Coinbase, the global crypto titan, has announced an ambitious expansion plan. The company, which employs over 200 full-time workers in Canada since hiring started in 2021, aims to give Canadians access to an updated financial system.
The move builds on recent news, with Coinbase unveiling its expansion during the 'New Day One' event. At the heart of this expansion is the introduction of USDC rewards for Canadian users. USDC is a 1:1 fiat-backed crypto asset (or 'stablecoin') issued by Circle and approved by regulators in Canada.
Toronto-based fintech firm Stablecorp, which raised $2.5 million in strategic growth capital to expand and upgrade QCAD, a Canadian dollar-denominated stablecoin, is also part of this expansion. The Canadian subsidiary of Stablecorp was founded by Jason Gurandiano.
With this development, Canadians can now earn uncapped rewards on USDC. Brian Armstrong, the cofounder and CEO of Coinbase, announced that Canadians can earn 4.1% rewards on USDC. With Coinbase One, the figure can go up to 4.5%.
The USDC rewards in Canada have weekly payouts, adding a new contender among personal finance products like GICs, chequing and savings accounts, and loyalty programs. It's worth noting that the interest rate for most checking accounts in Canada is 0%.
Users can sell, send, or convert their USDC without restrictions. The USDC is regulator-approved in Canada, ensuring a secure and compliant environment for its use.
Canada, ranked as the world's third-most crypto-aware nation, has an enthusiastic tech ecosystem with potential to lead in the global crypto economy. Lucas Matheson, the Canadian Country Director for Coinbase, expressed excitement about the potential growth and innovation that this expansion will bring to the Canadian crypto market.
This expansion by Coinbase is a significant step forward for the Canadian crypto market, promising to bring greater financial inclusivity and opportunities for Canadians.
