Coinbase Global Has Big Plans For The Canadian Market

Cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) has big plans for the Canadian marketplace.

Eric Richmond, CEO of Coinbase Canada, said in an interview that the company wants to look beyond crypto trading and build a platform where Canadians have all their assets in one place.

The priority is to bring what Coinbase calls the "Everything Exchange" to the Canadian marketplace.

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Coinbase Global's platform in the U.S. allows users to trade crypto, U.S. stocks, exchange-traded funds (ETFs), derivatives, and prediction markets.

Coinbase's platform is currently restricted to crypto trading within Canada. However, Richmond says the company is working with Canadian regulators to expand its offerings.

Richmond said that Coinbase plans on releasing tokenized stocks for its non-U.S. customers later in July.

Coinbase's expansion plans would place the company in closer competition with rival online brokerages such as Robinhood Markets (NASDAQ: $HOOD), which entered Canada earlier this year via an acquisition.

Richmond says there is room for multiple exchanges in Canada as investors seek alternatives to traditional brokerages and financial services.

Within the next year, Richmond said he wants Coinbase Global to provide Canadians a platform where they have more product choice.

COIN stock is down 57% over the last 12 months and trading at $177.74 U.S. per share in New York.