Coinbase Canada plans to offer tokenized stocks and prediction markets alongside crypto. Country director Eric Richmond said the firm is working with regulators on the launch.
Coinbase is working to bring Canadian customers tokenized stocks and prediction markets, part of a push to become an "everything exchange" that goes well beyond crypto trading.
Eric Richmond, country director and CEO of Coinbase Canada, told BNN Bloomberg in a Tuesday interview that the move would let Canadians trade tokenized equities and place money on prediction markets alongside buying and selling digital coins.
"Coinbase believes we have a new technology here that can really help with that, and that's blockchain and the technology that underpins crypto today," Richmond said. "How do we create that one place for Canadians to have their entire financial experience in one app that's underpinned by this technology that makes things frictionless, seamless, and 24/7?"
He added that banks closing at 4 p.m., markets shutting at the same hour, and wires taking days to settle are limitations the technology can solve. Access to certain products, he said, is "gated for just those high-net-worth individuals."
Coinbase already lets U.S. users place bets and trade stocks. The company started as a Bitcoin-only exchange and now lists hundreds of digital assets. Richmond said the firm was working with Canadian regulators on the launch.
Tokenized stocks are versions of equities that trade on blockchain rails. Proponents argue that tokenizing everything would let traders make transactions around the clock, 24-7. Kraken has also started allowing stock trading and announced plans for a prediction market platform.
Coinbase has made bigger moves beyond exchange operations. JPMorgan Chase last year signed a deal letting customers link bank accounts directly to the platform. Coinbase also provides custody services for Wall Street giants like BlackRock and holds seized crypto under a U.S. government contract.
The company in April received conditional approval from the Office of the Comptroller of the Currency for a national trust banking charter, which would let it serve as a crypto custodian on a federal basis.
Coinbase has clashed with banking executives over stablecoin rewards. The exchange wants its yield-bearing stablecoin products to continue, arguing they are a long-run business driver.
Richmond said the Canadian expansion depends on regulatory approval. The country's securities regulators have been active on crypto rules, and Coinbase is seeking to operate within them.
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