The first international cryptocurrency exchange to officially register in Canada has set its sights on bigger things.
Driving the news: Coinbase Canada is looking beyond just crypto as it plans to build an “Everything Exchange,” CEO Eric Richmond told BNN Bloomberg, which will include crypto trading, U.S. stocks, ETFs, derivatives, and prediction markets all in one tidy package.
Richmond told Crypto Citizens Network that the derivatives product would arrive in a matter of weeks, though it will only be available to select clients at launch.
To offer stocks and ETFs, Coinbase will need to get dealer status from the Canadian Investment Regulatory Organization, which it plans to attain by 2027.
Why it matters: It seems inevitable that most fintechs will move toward this Everything Exchange model, taking advantage of Canadian financial regulators' current openness to change and prioritizing a wide suite of offerings rather than specific niches to attract users.
In this emerging trend, Wealthsimple clearly has an early lead. In addition to crypto and traditional equities trading, the company has partnered with Kalshi on a standalone prediction market and is working with Visa to pilot stablecoin settlements.
Our take: You know what the real market differentiator will be? When one of these apps integrates sports betting into its offerings. Once they figure out how to legally offer a Blue Jays win/Nvidia earnings beat parlay, digital finance will really be off to the races.—QH
