American cryptocurrency exchange Coinbase (COIN) says it is expanding its service offerings in Canada at a time when competing firms have abandoned the market.
In a series of media interviews, Coinbase executives said they see opportunities in the Canadian marketplace and are growing across the country.
The company said research shows that about 15% of Canadians are interested in cryptocurrencies and other digital assets, a figure that is expected to double in the next year.
Coinbase has also added Interac payments to its exchange platform to attract more Canadian customers.
The bullish view of Canada comes at a time when other crypto exchanges and firms have pulled out of the country over regulatory concerns.
In May of this year, rival cryptocurrency exchange Binance said it is leaving Canada as evolving regulations, particularly those related to stablecoins, have made the market “no longer tenable” for the company.
Coinbase’s growth in Canada also comes as the company faces legal issues in the U.S.
The Securities and Exchange Commission (SEC) has filed suit against Coinbase, accusing the firm of violating American securities laws by facilitating cryptocurrency trading on its platform.
Coinbase’s stock has declined 12% over the last year to trade at $80.81 U.S. per share.
