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Coinbase Expands in Canada with Trustly’s Open Banking Solution

Coinbase Expands in Canada with Trustly's Open Banking Solution

Coinbase has partnered with Trustly, allowing Canadians to enjoy secure and seamless crypto transactions through Open Banking. This marks a significant stride toward offering a straightforward approach to account-to-account transactions for Canadians.

Moreover, Trustly’s recent alliance with Coinbase reflects the surging demand for innovative financial services and alternative payment methods. With Trustly’s Open Banking Payments, users of Coinbase in Canada can conveniently deposit and withdraw funds directly between their bank accounts and crypto wallets. This streamlined process eradicates intermediaries and ensures smooth fund movement.

Furthermore, In the realm of transactions, integrating bank accounts with Coinbase accounts becomes a breeze with Trustly’s solution. This seamless amalgamation empowers users to add and withdraw funds effortlessly using Electronic Funds Transfer (EFT) or Interac payment rails. Such user-friendly transactions encourage more Canadians to venture into cryptocurrency investments.

Canada’s Crypto Landscape

Canada’s robust regulatory framework and status as the world’s third-most crypto-aware nation provide an ideal backdrop for innovative financial services. Moreover, according to a survey by the Ontario Securities Commission, over 30% of Canadians plan to invest in crypto assets within the coming years. 

Looking forward, Trustly’s collaboration with Coinbase is poised for further evolution. The coming months will witness Trustly enabling direct bank transfers over the EFT network, promising even smoother transactions. However, this development translates into more efficient processes for Canadian users, encompassing deposits, withdrawals, and management of high-value transactions.

Ross McFerrin, VP of Enterprise Growth at Trustly, radiates enthusiasm about bolstering Coinbase’s presence in Canada. The potential of the Open Banking platform to enhance the convenience and security of cryptocurrency investments serves as the prime impetus behind this partnership. Nana Murugesan, VP of International and Business Development at Coinbase, echoes this sentiment. The collaboration with Trustly dovetails seamlessly with Coinbase’s mission to democratize crypto access for a wider Canadian audience.

About Trustly: Simplifying Payments

Founded in 2008, Trustly pioneers Open Banking Payments worldwide. Spotlighting speed, simplicity, and security, Trustly’s digital account-to-account platform connects top-tier merchants directly with consumers via their online banking accounts. This distinctive approach sets Trustly apart from conventional card networks, providing a cost-effective alternative. Additionally, with a presence spanning over 30 countries, Trustly serves 8,100 merchants, connecting them to over 525 million consumers and 6,300 banks. Over $42 billion transactions were facilitated globally in 2020 and 2021. 

In sum, the partnership between Coinbase and Trustly heralds a revolutionary Open Banking solution, simplifying crypto transactions for Canadians. Trustly’s innovative stride simplifies secure and efficient crypto investments in Canada. Additionally, this collaboration exemplifies industry leadership and underscores a commitment to broadening cryptocurrency access for a wider audience.

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