Through this collaboration, Trustly is set to provide secure account-to-account (A2A) payments leveraging its Open Banking Payments services. Canada-based Coinbase users are now enabled to deposit and withdraw funds directly from their bank accounts to or from their crypto account, making use of EFT or Interac payment rails.
Based on the information detailed in the press release, the Ontario Securities Commission reports that more than 30% of Canadians are looking to purchase crypto assets within the year to come. As Canada’s demand for cryptocurrency is on a continuous increase, combined with its strong regulatory framework, the region is considered a ‘prime fit’ for alternative payment methods.
Trustly is looking forward to cooperating with Coinbase to support its expansion into Canada with its Open Banking platform. The announcement also highlights that the company is looking to further strengthen its offerings by enabling direct bank transfers over EFT later in 2023, which is believed to help allow simplified transactions, alongside high-value deposits limits.
Coinbase’s expansion into Canada
The news of the Trustly – Coinbase partnership comes shortly after the cryptocurrency exchange made public its expansion into Canada. The company’s launch in the region was backed by the integration of Interac payment rails (via a cooperation with Peoples Trust Company, part of Peoples Group), with banking and payment partners, and it enabled fund transfers and introduced Coinbase One, its zero-fee subscription service which was first established in the US, the UK, Ireland, and Germany in May 2023.
As detailed in the expansion announcement, Coinbase’s collaboration with local banking and payment partners is believed to further increase accessibility for crypto to numerous Canadians, with the integration of the Interac payment rails enabling all Canada-based Coinbase users to deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac e-transfers. Additionally, they are enabled with a complimentary 30-day trial to Coinbase One, featuring zero trading fees, enhanced staking rewards, and priority support.
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