Coinbase aims to offer Canadian users access to tokenized stocks and prediction markets alongside cryptocurrency trading, expanding its platform beyond crypto assets.
The company’s Canada CEO, Eric Richmond, told BNN Bloomberg that Coinbase intends to build a unified app for Canadians to manage a full range of financial products around the clock. This approach relies on blockchain technology to overcome traditional banking and market limitations, such as fixed market hours and slow settlement times.
Tokenized stocks are blockchain-based versions of equities that allow continuous trading 24/7. Coinbase is collaborating with Canadian regulators to launch these features, mirroring its U.S. platform where stock trading and betting on prediction markets are already offered.
Other exchanges like Kraken have also expanded into stocks and prediction markets, signaling a broader trend in crypto platforms diversifying services.
Besides retail offerings, Coinbase has forged significant institutional partnerships. JPMorgan Chase allows customers to link bank accounts with Coinbase. The platform provides custody services to Wall Street firms including BlackRock and holds contracts with the U.S. government for seized crypto assets. It recently secured conditional approval from the U.S. Office of the Comptroller of the Currency for a national trust banking charter to serve as a federal crypto custodian.
This article is for informational purposes and does not constitute financial advice.
