July 29, 2026 | NCFA Insight | Digital Assets Blockchain And Tokenization, Wealth Investing And Trading, Risk Compliance And Regtech
Canadian Crypto Ownership, Advice And Product Demand
On July 28, 2026, the Ontario Securities Commission released its Crypto Assets 2025 survey, providing an updated national baseline for crypto ownership, investor behaviour, platform use, financial advice, stablecoins and tokenized assets.
Ipsos surveyed 2,360 Canadian adults online between December 18, 2025, and January 22, 2026. Crypto owners were oversampled to provide a large enough subgroup for analysis, then weighted to reflect the Canadian population. Results for the total sample have a credibility interval of approximately 2.5 percentage points, with wider intervals for smaller groups.
The survey results show a market that has recovered from its 2023 decline and is becoming more connected to financial advisors, registered platforms and established institutions. The data also underscores why ownership alone can't measure market maturity. Customer knowledge, custody decisions, promotional pressure and financial losses remain part of the same picture.
Ownership and Outlook
59% correctly identified crypto assets, up from 54% in 2023 and 51% in 2022
25% currently owned crypto assets or crypto funds, up from 10% in 2023 and 13% in 2022
39% of investors owned some form of crypto product. Ownership reached 44% among self directed investors and 30% among investors working with an advisor
35% of Canadians aware of crypto reported high familiarity, compared with 27% in 2023
38% said they were likely to buy crypto within 12 months, up from 20% in 2023
43% believed crypto already plays a key financial role, while 52% expected it to play a key role in the future
38% of direct crypto owners reported holdings above $20,000. Among crypto fund owners, 45% reported more than $20,000
Buying, Advice and Platform Use
59% acquired crypto through a centralized trading platform, compared with 18% through a decentralized exchange
48% of centralized platform users had used Coinbase, followed by Wealthsimple Crypto at 37%, Crypto.com at 29% and Binance at 20%. Respondents could identify more than one platform
22% consulted a financial advisor before buying, up from 13% in 2023
39% of advised investors said an advisor recommended crypto, nearly double the 19% reported in 2023. Most recommendations involved 10% or less of the portfolio
50% checked whether their platform was registered, up from 38% in 2023
67% recalled receiving a crypto risk disclosure before purchasing through a centralized platform
74% of centralized platform users paid transaction fees, compared with 57% in 2023
Promotion, Custody and Customer Experience
53% recalled seeing crypto advertising, up from 45% in 2023. Social media was the leading source
31% recalled receiving a platform purchase bonus, 28% had seen a referral offer and 29% had seen a personality promoting a particular platform
49% stored crypto on the platform where it was purchased, while 35% used an online wallet and 8% used a hardware wallet
15% of centralized platform users reported a financial loss involving fraud, scams or hacking
10% had been unable to withdraw money, 9% had been unable to withdraw crypto and 10% said they didn't understand the fees they paid
33% of people who had owned crypto reported significant regret, while 51% reported little or no regret
Stablecoins and Tokenized Assets
34% had heard of stablecoins, while 11% said they had held or used one during the previous 12 months
89% of stablecoin owners had used them. Uses included exchanging them for other crypto at 38%, converting them to cash at 36%, earning yield at 30%, paying for goods or services at 24% and making international transfers at 20%
24% had heard of tokenized real world assets
74% of those familiar with tokenized assets would consider investing if their bank or investment firm offered tokenized government bonds, money market funds or similar products
Ownership Rebounded Across The Market
The increase from 10% to 25% is the survey's largest headline, but it needs to be read carefully. The OSC definition includes direct crypto assets and crypto investment funds. It also captures a later market period than the Bank of Canada's most recent detailed ownership study.
The Bank of Canada estimated that approximately 10% of Canadians owned Bitcoin in late 2023. That research covered Bitcoin specifically, used a different survey and was conducted more than two years before the OSC's latest survey work.
Within the OSC's own series, however, the direction is clear. Ownership, familiarity, purchase intentions and confidence all recovered from their 2023 lows. The latest ownership rate is also well above the 13% recorded in 2022.
The reasons people bought crypto provides more context. Portfolio diversification was cited by 28%, long term confidence in crypto or its technology by 27% and speculation by 26%. Investors aren't necessarily entering the market for one common reason. Some see an alternative asset class, some want exposure to the technology and others are trading for shorter term returns.
The barriers are just as varied. Among people who hadn't purchased crypto, 43% said they didn't understand it well enough, 43% worried about fraud or scams, 41% considered it too much like gambling and 41% cited price volatility. Those concerns have softened in some areas since 2023, but they haven't disappeared.
Ownership also says little about customer value on its own. A person holding $200 on one platform and an investor holding $100,000 through several products both count as owners. The OSC found that 60% of direct owners held no more than $20,000, while 38% reported more. Platforms and investors still need transaction volume, account retention, asset concentration and revenue data to understand the commercial depth behind the national ownership rate.
Advisors And Platforms Take A Larger Role
The change in financial advice may prove more consequential than the ownership headline. Among investors working with an advisor, 39% said their advisor had recommended crypto assets. That compares with 19% in 2023 and 21% in 2022.
Most recommendations remained limited but still --> twenty-five percent said their advisor recommended an allocation of 10% or less, while 14% reported a recommendation above 10%. Sixty percent said crypto wasn't recommended. Even so, they show crypto entering more client conversations. The percentage consulting an advisor before buying rose to 22%, while financial press reached 19% and provincial securities regulator websites reached 11%.
Informal information still carries considerable influence. Friends, family and colleagues were consulted by 34% of buyers. Social media influencers reached 21%, while another 19% used advice from people on social media or online forums.
Advertising grew at the same time. More than half recalled seeing crypto promotion, and roughly three in ten remembered platform bonuses, referral rewards or personalities promoting a particular trading venue. Registered firms, advisors and regulators are therefore competing for investor attention inside a market where promotional messages can arrive faster than formal guidance.
Centralized platforms are still the main commercial on-ramp. Their advantage comes from familiar onboarding, Canadian payment connections, custody and a simpler buying experience. Registration can add confidence, especially as more customers learn to check whether a platform is authorized.
The Canadian registrations obtained by global platforms operating in Canada such as Coinbase and Kraken are driving competition and vying for trust and distribution. Registration subjects a platform to Canadian requirements, but it doesn't remove investment, custody, fraud or company risk.
49% of owners keep assets on the platform where they bought them. For many customers, the trading venue is also their custodian, account interface, source of product information and first point of contact when a withdrawal fails.
Fifteen percent of centralized platform users reported losing money through a scam, fraud or hacking incident. Among the smaller group reporting hacking losses, 31% said at least $60,000 was lost. That subgroup is limited, but the reported amounts show how quickly a retail platform problem can become a serious household loss.
New Products Raise The Operating Stakes
Stablecoin payment infrastructure and tokenized RWA infrastructure show where Canadian demand may coalesce next. The OSC results confirm national investor numbers behind two channels that are already advancing through regulated products, settlement systems and new forms of asset ownership.
The operating layer is also becoming easier to see. VersaBank and QCAD connect a Canadian dollar stablecoin to regulated banking infrastructure, while tokenized fund operations are expanding into subscriptions, redemptions, investor records, pricing and settlement. The survey helps show whether Canadian investors are becoming ready for the products that this infrastructure could support.
Stablecoin awareness reached 34%, and 11% of Canadians said they had held or used one during the previous year. Owners weren't simply leaving them untouched. Eighty-nine percent had used them for at least one activity.
Trading and cash conversion remained the leading uses, but stablecoins were also used for yield, purchases and international transfers. The 20% international transfer rate gives payment providers and fintechs a practical customer problem to pursue, particularly where traditional cross border transfers remain expensive or slow.
All good and well, but there's an understanding gap that hasn't kept pace with product use. Earlier FCAC research found low knowledge of stablecoin backing, regulation and consumer protection. The OSC survey adds a more current picture of how owners are actually using them.
Tokenized real world assets start from a smaller awareness base. Only 24% had heard of the category. Yet 74% of that group said they would consider investing if the product were available through their bank or investment firm. So, investors may be more receptive to tokenized government bonds, money market funds and similar products when the account, institution and reporting relationship are already familiar.
For fintech builders, issuing the token is only one part of the market. Banks, dealers and asset managers also need custody, identity checks, ownership records, compliance tools and settlement. Those systems must work across conventional accounts and blockchain networks.
For financial institutions, existing distribution could be more valuable than the underlying token technology. A bank or investment firm already has customers, funded accounts, advisory relationships and compliance systems. If tokenized products gain traction, those assets may enter through familiar financial channels rather than separate crypto accounts.
Talking Point
As crypto ownership rises, will Canadians turn first to an advisor, a registered crypto platform or their bank?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
July 28, 2026 | NCFA Question | Digital Assets Blockchain And Tokenization, Banking And Credit, Payments And Money Movement
Last Updated: July 28, 2026
Status: Emerging
Organizations: Credit Union Digital Asset Task Force, St. Cloud Financial Credit Union, Amanda Wick, World Council of Credit Unions, National Digital Banking Working Group, Central 1, Large Credit Union Coalition, Payments Canada, Stablecore, Curql, TruStage, CrossState Credit Union Association, Metallicus, Q2, Jack Henry, Coinbax, NCUA
Shared Diligence Before Shared Digital Asset Products
The U.S. initiative is led by Chase Larson, Executive Vice President and Chief Lending Officer at St. Cloud Financial Credit Union. It is designed to help credit union boards and executives understand stablecoins, tokenization, crypto assets, regulation, infrastructure and risk.
Starting with education and coordination makes sense. Credit union leaders need a practical way to compare the member value, operating costs and regulatory responsibilities before deciding whether a digital asset service belongs in their strategy.
Other developments show how quickly the discussion is advancing. Credit unions are joining early access programs, testing infrastructure through association cohorts, assessing platform integrations and considering stablecoin and tokenized deposit services.
The World Council of Credit Unions has also placed digital money on the cooperative finance agenda. Its July 2026 stablecoin paper examines potential effects on deposits, payments, member relationships and the future role of credit unions.
Canada already has groups that coordinate technology procurement, common architecture, digital identity and payments modernization. The practical question is whether those collaborative models should now be used to study digital assets together.
Strategic Takeaway
Canadian credit unions already have collaboration models that could support shared digital asset research, vendor assessment and controlled testing. What they still need is an agreed member or operating problem to solve and a regulatory route that works across federal and provincial responsibilities. Shared diligence is the most practical place to begin.
Canadian credit unions already collaborate on major technology purchases, common architecture and payments infrastructure (confirmed foundation)
Credit unions account for approximately $764 billion of the $771.3 billion captured in Canada’s community finance market baseline (economic scale)
Shared research, procurement and governance could reduce repeated legal, security and technology work (transferable capability)
Credit union initiatives now cover education, early access, sandbox testing, stablecoins, tokenized deposits, custody and platform integration (international progress)
Existing credit union groups could evaluate the market without creating another organization (Canadian opportunity)
Key Questions: Deposit protection, reserves, custody, liquidity, redemptions, governance and member protection require clear treatment
How Canadian Credit Unions Already Work Together
Canada’s strongest foundation isn’t a blockchain pilot. It is the way credit unions already collaborate on expensive technology, procurement, architecture and national infrastructure.
Some of those capabilities could transfer directly to digital asset work. Others are closely related. Together, they show that institutions can share complex diligence while retaining control over contracts, governance and implementation.
The National Digital Banking Working Group coordinated vendor review, procurement, migration planning and implementation after Central 1 announced its digital banking transition. Its public membership page listed 59 institutions, while 37 selected Intellect Design Arena’s eMACH.ai platform.
This was more than a discussion forum. Participating institutions pooled expertise and bargaining power, then made their own implementation decisions. A digital asset initiative could follow the same model without requiring every credit union to adopt the same product.
The Large Credit Union Coalition offers another example. Its work has included artificial intelligence, digital identity, common architecture, collective purchasing and payments modernization.
Digital identity, architecture and collective purchasing could support the evaluation of wallet providers, custodians, transaction monitoring systems and settlement networks. The same structure could help institutions compare risks, costs and member use cases.
Payments coordination is already familiar. Central 1 and the other Group Clearer centrals created the Payments Modernization Advisory Group with 12 credit unions to represent sector requirements during national infrastructure development.
That experience is relevant because stablecoins and tokenized deposits would need to interact with clearing, settlement, liquidity, fraud controls and account infrastructure. Many of those questions also also relevant to Canada’s Real Time Rail development.
The opening of Payments Canada membership creates another connection. Credit unions, payment service providers, fintechs, foreign exchange firms and digital asset companies are gaining a wider role in national payment infrastructure. NCFA’s analysis of Canada’s financial infrastructure shows how access, licensing and participation are evolving.
Consumer data access is important too. Canada’s open banking framework is creating new expectations around consent, identity, liability and financial service integration. Digital asset products offered through regulated institutions would need to fit within that same trust environment.
The size of the sector makes this more than a technology discussion. The Canadian community finance market baseline identified 306 credit unions holding approximately $764 billion of the $771.3 billion in total assets included in the dataset.
The SVX report doesn’t examine stablecoins or digital assets. Its relevance is the amount of member and community capital already managed through cooperative institutions. Changes to deposits, payments and settlement infrastructure could therefore have material consequences for credit unions.
Canada isn’t starting with an empty page. Credit unions already know how to organize expertise, negotiate together, coordinate architecture and represent shared interests.
The next step is deciding whether digital assets deserve a place within that existing collaborative work.
How Other Credit Unions Are Approaching Digital Assets
No common single operating model has emerged. Credit unions and their service organizations are taking different approaches based on regulation, member needs, internal capability and available partners.
Some initiatives begin with education and advocacy. Others involve early access, sandbox testing, planned products, core integrations or regulatory development. These examples offer reference points for Canada rather than a ready made plan.
Market Evidence
Click each to expand
1. A U.S. Task Force Starts With Executive Education United States
Emerging Coordination
Amanda Wick announced a Credit Union Digital Asset Task Force led by Chase Larson, Executive Vice President and Chief Lending Officer at St. Cloud Financial Credit Union.
Its scope includes stablecoins, crypto assets, tokenization, regulation, infrastructure and risk.
The intended audience includes credit union boards and executives.
The initial focus is practical education and shared understanding.
The model gives leaders a way to compare developments before making product decisions.
The initiative brings digital assets into a sector level credit union discussion. It also provides a useful model for Canada, where an existing group could coordinate education, research and early use case assessment.
2. WOCCU Treats Stablecoins As A Cooperative Strategy Question Global
Global Strategic Framework
The World Council of Credit Unions released the first paper in a planned series examining how new forms of digital money could affect the global credit union system.
The first paper focuses on stablecoins and their potential effects on deposits, payments and member relationships.
WOCCU identifies deposit displacement, reduced payment activity and exclusion from new payment infrastructure as possible risks.
It calls for proportionate regulation that recognizes cooperative ownership and structure.
Boards and senior leaders are encouraged to treat stablecoins as a governance and planning issue.
Education, partnerships, shared investment and collective action are identified as possible responses.
Future papers are expected to examine tokenized deposits, central bank digital currencies and regulatory design.
WOCCU isn’t calling on every credit union to issue a stablecoin. It is asking whether cooperative institutions have the authority, flexibility and readiness to participate as payment and deposit infrastructure changes.
3. Named Credit Unions Enter Early Access United States
Early Access
Stablecore, Circuit and Curql launched an early access program involving RBFCU, Stanford Federal Credit Union, La Capitol Federal Credit Union and other institutions representing about US$25 billion in combined assets.
The program covers stablecoin payments and tokenized deposits.
It also includes digital asset accounts, Bitcoin access, staking, compliance and member education.
Participating institutions can examine business, technology and compliance requirements together.
The structure allows credit unions to learn from a shared program while making their own decisions.
This initiative has progressed beyond general education. Named credit unions are evaluating defined services through an organized early access program.
4. TruStage Plans A Credit Union Stablecoin United States
Planned Product
TruStage announced plans for TruStage Stablecoin, or TSDA, as a fully reserved U.S. dollar stablecoin for community based financial institutions.
TruStage says it works with more than 93% of over 4,300 U.S. credit unions.
Those institutions collectively hold more than US$2 trillion in assets.
Proposed uses include continuous money movement and faster settlement.
The distribution model would use an established credit union service provider.
TSDA combines a named product, a large credit union network and a defined payment use case. It represents one of the more developed cooperative stablecoin strategies.
5. CrossState Brings 50 Credit Unions Into One Program United States
Sandbox And Pilot Preparation
CrossState Credit Union Association and Metallicus launched Innovation Program 2.0 with an initial cohort of 50 credit unions in Pennsylvania and New Jersey.
The program covers stablecoins, digital identity, blockchain infrastructure and faster payments.
It combines executive education with sandbox testing.
Participants can compare use cases, controls and vendors through an association structure.
Credit unions can explore the technology without each institution building its own testing environment.
This may be one of the most relevant models for Canada. Institutions can learn and test together without requiring every participant to become an issuer or infrastructure operator.
6. Q2 Connects Digital Asset Tools To Banking Platforms United States
Available Infrastructure
Q2 partnered with Stablecore to connect stablecoins, tokenized deposits and digital asset accounts with infrastructure already used by banks and credit unions.
Institutions can access the capabilities through Q2 Innovation Studio.
The model reduces the need to assemble a separate technology stack.
Amarillo National Bank and Bank of Utah were named as initial customers.
The partnership gives other financial institutions a route to assess similar services.
This approach brings digital asset capabilities into existing banking technology rather than asking institutions to build a separate platform.
7. Coinbax Opens A Route Into Jack Henry Systems United States
Integration Access
Coinbax joined the Jack Henry Fintech Integration Network to connect stablecoin payment infrastructure with Jack Henry core and digital banking platforms.
Jack Henry technology serves more than 7,400 banks and credit unions.
Coinbax lists programmable escrow, stablecoin payments, cross border transfers, payouts and core reconciliation as use cases.
The network provides integration resources and a route to institutional deployment.
Finex Credit Union has participated as a design partner.
The model shows how a credit union could access digital asset infrastructure through technology relationships it already understands.
8. NCUA Is Developing A Credit Union Stablecoin Rulebook United States
Proposed Regulatory Framework
The National Credit Union Administration has proposed rules for payment stablecoin issuers affiliated with federally insured credit unions.
The framework covers applications, licensing and regulatory review.
It would govern how federally insured credit unions may invest in issuer subsidiaries.
Proposed standards address reserves, redemption, operations, governance and risk management.
Related proposals cover customer identification and Bank Secrecy Act duties.
NCUA would supervise qualifying credit union subsidiaries.
The proposals give U.S. credit unions a clearer view of how ownership, issuance and supervision could work.
Canada doesn’t yet have a comparable credit union framework connecting federal stablecoin requirements with provincial regulation, deposit protection and cooperative ownership. NCFA’s stablecoin regulatory guide tracks the federal framework and the decisions still ahead.
The evidence identifies several ways credit union associations, centrals and collaborative groups could investigate digital assets while controlling cost and risk.
Each option addresses a different problem. Research and testing can be shared, while boards retain responsibility for product approval, compliance, member communication and operations.
Shared research and regulatory analysis could reduce repeated legal, policy and vendor work. A group could map federal and provincial requirements, compare stablecoins with tokenized deposits and examine deposit protection, custody, reserves and redemptions. That work would remain useful even if no product followed.
Coordinated policy engagement could help regulators understand how cooperative ownership, provincial supervision and deposit protection differ from commercial bank and nonbank issuer models. Credit unions may need to take part in regulatory design before deciding whether to offer a service.
Controlled testing could let institutions examine technology, controls and use cases before making production commitments. Shared sandbox work could cover wallet verification, settlement, transaction monitoring, reconciliation, vendor performance and incident recovery.
Cross border business payments may offer one of the clearest commercial tests. Credit unions could retain the member relationship and Canadian dollar account while using regulated digital settlement infrastructure behind the scenes. Foreign exchange, sanctions, wallet ownership, liquidity and redemption would still require strong controls.
Tokenized deposits may fit the credit union model better than a separate stablecoin. A tokenized deposit could remain a claim on a regulated institution rather than becoming a separate private currency. Canada would still need clarity on ownership, settlement finality, interoperability and provincial deposit insurance.
Shared custody and wallet infrastructure could give smaller institutions access to security and compliance capabilities they couldn’t justify independently. The trade off is concentration risk. One vendor failure could affect several institutions, making asset segregation, recovery and liability allocation critical.
Identity and compliance tools may offer a lower risk starting point. Common wallet verification, member authentication, sanctions screening and transaction monitoring could support future payment or custody services without creating immediate issuance or balance sheet exposure.
Business settlement and treasury pilots could test supplier payments, commercial settlement, liquidity management or transfers between institutions. These controlled business uses may have clearer operating value than retail crypto trading.
Shared stablecoin infrastructure would require the greatest level of coordination. Participants would need to agree on reserves, redemption, governance, technology, liquidity, fees, branding and loss allocation. The international examples show how the model could work, but Canada doesn’t need to begin there.
Waiting is also a valid decision. A joint review may find that member demand is weak, costs are too high, regulations remain incomplete or existing payment systems solve the same problem with less risk.
A Practical Starting Point
An existing credit union group could map the rules, rank the use cases, compare vendors and identify one or two controlled tests. Its job would be to determine whether a shared service is justified, not to begin with a stablecoin or blockchain product already selected.
Each option should pass five tests:
What member or operating problem would it solve?
What work can participating institutions share?
What responsibility must remain with each credit union?
Deposit protection remains one of the largest questions. Members need to know whether a tokenized deposit would receive the same provincial protection as funds in an ordinary account. Institutions also need clarity on reserve ownership, liquidity and redemptions during stress.
Custody raises a different set of issues. Who controls the keys? Are assets legally separated if a vendor fails? Who carries the loss when funds go to the wrong wallet? How does a member recover access after fraud, death or lost credentials?
AML controls wouldn’t end at onboarding. Institutions would need to verify wallet ownership, monitor transactions, screen counterparties and decide how to handle transfers involving self hosted wallets.
Shared governance may prove harder than the technology. Participants would need rules for choosing vendors and networks, changing operating standards, setting fees and allocating losses when an institution or service provider fails.
The Bottom Line
Current evidence doesn’t support rushing into a shared Canadian credit union digital asset product. It does support sharing the work required to understand whether one could solve a real problem.
Canadian credit unions already collaborate on technology, architecture, procurement and payments infrastructure. They also manage approximately $764 billion within the country’s community finance baseline. That gives the sector both the capability and the economic reason to pay attention.
Internationally, cooperative institutions are progressing through education, advocacy, early access, sandbox testing, platform integration, planned stablecoins and regulatory development. None offers a complete Canadian template.
The conversation has already begun internationally. Canada’s next decision is whether credit unions build on the collaboration they already have, identify the use cases that could create real member value and help define the market before others define it for them.
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Frequently Asked Questions
Are Canadian credit unions currently issuing stablecoins?
No shared Canadian credit union stablecoin has been publicly announced. The more immediate opportunity is coordinated research into member demand, regulation, infrastructure and risk.
What is a tokenized deposit?
A tokenized deposit is a digital representation of a deposit held with a regulated financial institution. Unlike a separate stablecoin, it may remain a direct claim on the institution, although legal treatment, settlement and deposit protection must be clearly defined.
Why would credit unions work together on digital assets?
Shared work could lower the cost of legal analysis, vendor assessment, cybersecurity review, compliance design and controlled testing. Each credit union could still decide independently whether to offer a product.
Could stablecoins reduce credit union deposits?
They could affect deposit and payment relationships if members begin holding or transferring more value through external digital money platforms. The outcome would depend on adoption, regulation, product design and whether credit unions participate directly.
What is the most practical first step for Canada?
An existing credit union association, central or working group could coordinate education, regulatory analysis, use case ranking and limited testing before institutions commit to a shared product or infrastructure provider.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem providing education, market intelligence, industry stewardship, networking and funding opportunities to thousands of members. NCFA works with industry, government, partners and affiliates to support a competitive and innovative fintech and funding sector in Canada. Join Canada’s Fintech and Funding Community or learn more at NCFA Canada.
July 27, 2026 | NCFA Companies On The Move | Digital Assets Blockchain And Tokenization, Wealth Investing And Trading, Competition And Market Structure
Coinbase Canada’s Everything Exchange Ambition
Parent Founded2012
Canada Launch2023
Parent FoundersBrian Armstrong and Fred Ehrsam
Company StageMarket Expansion
Coinbase is preparing to offer crypto derivatives to Canadian permitted clients, the first near term product in a much larger Canadian platform plan. In a Coinbase Canada interview, chief executive Eric Richmond said Coinbase Financial Markets had received an international exemption and expected the product to go live within weeks. He also wants Coinbase Canada to become a CIRO dealer in early 2027.
The derivatives aren’t live yet, and the first release isn’t intended for the general retail market. Stocks, ETFs and prediction markets are also part of Coinbase’s Canadian ambition, but no complete launch date has been announced. This profile separates what Canadians can use today from the approvals, products and customer adoption Coinbase still needs to turn a crypto account into a wider investment platform.
What Coinbase Canada Offers And What Comes Next
Canadians can already use Coinbase for spot crypto trading, Advanced trading tools, Interac e Transfer and electronic funds transfer deposits, PayPal purchases and eligible USDC rewards. The Coinbase Canada platform operates as a restricted dealer across every province and territory and as a registered FINTRAC money services business. Richmond said it lists more than 200 crypto assets.
The first expansion is narrower than the larger platform pitch. Coinbase Financial Markets expects to offer derivatives through an international exemption within weeks, beginning with permitted clients. The OSC permitted client definition includes institutions and certain financially sophisticated clients. It doesn’t include every Coinbase Canada customer.
Richmond’s next target is early 2027 membership in the Canadian Investment Regulatory Organization. The CIRO crypto dealer requirements cover capital, conduct, custody, operations and supervision. Approval would give Coinbase Canada a more permanent dealer base than its current restricted dealer registration, although it wouldn’t approve every future product automatically.
The ambition goes well beyond derivatives. Richmond has described a Canadian app spanning crypto, cash, stocks, ETFs and prediction markets. The Coinbase tokenized stock plan separately refers to customers outside the United States, but that wording doesn’t confirm Canadian availability. No complete Canadian launch date has been published for stocks, ETFs or prediction markets.
Why The Canadian Plan Needs Several Approvals
Coinbase can’t bring every global product into Canada under one registration. Its restricted dealer status supports the crypto trading business already operating here. Derivatives would come through a separate Coinbase affiliate and an exemption for permitted clients. Stocks and ETFs need securities dealer permissions, while prediction markets could face different requirements depending on the contracts and how they’re offered.
That puts regulation inside the product plan. Coinbase signed an enhanced preregistration undertaking in March 2023, launched its Canadian service with Interac access that August and completed its Coinbase Canada registration in April 2024. It became the first international exchange registered as a restricted dealer in Canada. It’s now adding products in the order its permissions allow instead of treating the global catalogue as one Canadian launch.
CIRO membership sits in the middle of that plan. Canada has been directing crypto trading platforms toward investment dealer registration and CIRO membership, while CIRO’s 2026 custody framework adds specific expectations for digital and tokenized assets. Membership wouldn’t approve every future product on its own. It would give Coinbase Canada a stronger dealer base from which to apply.
Founders and operators will recognize the build underneath the app. One customer interface may rely on several legal entities, registrations and product approvals. The front end can feel simple even when custody, execution, market access, capital and customer protection sit in separate operating lanes.
Why Coinbase Wants More Than Spot Trading
Coinbase Global’s first quarter figures explain why the company wants more ways to earn from each account. Coinbase Global spot volume fell 50% from a year earlier to US$202 billion, while monthly transacting users declined 15% to 8.2 million. Net revenue was US$1.3 billion, and the company recorded a US$394 million net loss. Those are global Coinbase figures, not Coinbase Canada results.
Other products are already helping to carry more of the business. Coinbase reported more than US$200 million in annualized retail derivatives revenue, while prediction markets reached US$100 million in annualized revenue during March. Its 2025 purchase of Deribit added a large crypto options business, and subscription and services produced US$583.5 million of first quarter net revenue. A customer using several products can remain valuable even when spot trading cools.
Canada is already a serious platform contest. Wealthsimple combines stocks, ETFs, crypto, cash accounts and other financial products inside one app. Robinhood entered Canada in June by buying WonderFi, giving it Bitbuy, Coinsquare, approximately 300,000 funded customers and regulated local infrastructure. Robinhood’s WonderFi purchase showed what that operating base was worth before the transaction closed. Kraken, Shakepay, NDAX and other registered platforms compete for crypto customers, while banks and established brokerages already control much of the Canadian investment relationship.
Coinbase brings a global exchange, custody, stablecoin and derivatives stack to that contest. Its challenge is local distribution. Canadians need a reason to transfer cash and assets, accept a new fee structure and keep several parts of their financial lives in the same account. Product breadth helps, but pricing, trust, tax reporting, execution quality and the limits attached to each registration will decide whether the app becomes a primary account or another trading venue.
What Makes Coinbase Canada Different In Summer 2026
Coinbase enters this Canadian stage with infrastructure a local exchange would struggle to replicate. Deribit adds options depth, Coinbase Financial Markets provides a regulated derivatives route, and USDC supports trading and rewards. The public parent also ended March with US$10.4 billion in cash, cash equivalents and marketable investments.
None of that makes Canadian adoption automatic. The derivatives release still has to launch, attract permitted clients and work well. CIRO membership remains a target, while stocks, ETFs, prediction markets and tokenized equities still need confirmed Canadian availability. Coinbase doesn’t publish Canadian customers, assets, revenue or market share, so public figures can’t yet show how large the local business has become.
The Company Intelligence Snapshot below follows the company, capital, product and regulatory decisions that brought Coinbase to this Canadian expansion stage.
NCFA Company Intelligence Snapshot
Coinbase Canada
The Canadian operating business, shown with the Coinbase Global history and infrastructure behind its expansion
Last updated Jul 27, 2026
Company At A Glance
Parent FoundedCoinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam
Parent StatusCoinbase Global is listed on Nasdaq under COIN
Canadian EntityCoinbase Canada, Inc., incorporated in British Columbia
Canadian StatusRestricted dealer in all provinces and territories; FINTRAC MSB M22815925
Current Canada OfferSpot crypto, Advanced trading, Interac and EFT funding, PayPal purchases and eligible USDC rewards
Near Term PlanCrypto derivatives for Canadian permitted clients through Coinbase Financial Markets
Regulatory TargetCIRO dealer membership in early 2027, according to the Canadian chief executive
Global Q1 RevenueUS$1.3B net revenue; Coinbase does not disclose Canadian revenue
Global Platform AssetsUS$294B at Mar 31, 2026; Canadian assets are not disclosed
Global Users8.2M monthly transacting users in Q1 2026; Canadian users are not disclosed
Business ModelTransaction revenue plus subscription and services revenue from stablecoins, custody, staking, financing and memberships
Canadian CompetitionWealthsimple, Robinhood through WonderFi, Kraken, Shakepay, NDAX and established brokerages
Milestones
Select a milestone to follow how Coinbase built a public crypto platform and entered its next Canadian market stage
1Formation2012
2Public ListingApr 2021
3Canada LaunchAug 2023
4Restricted DealerApr 2024
5Everything ExchangeAug 2025 to Jun 2026
6Canada Phase TwoJun to Jul 2026
Milestone 1
Coinbase Starts With A Simple Bitcoin Account (2012)
Brian Armstrong and Fred Ehrsam founded Coinbase in 2012 to make it easier for people to buy, sell, store and transfer Bitcoin. The customer account became the base for a much larger crypto business.
Company
CoinbaseA US founded crypto platform
Stage
FormationA retail entry point into Bitcoin
Capital
Venture BackedPrivate funding supports exchange and custody infrastructure
Markets
United StatesCrypto access before international expansion
Customers
Retail UsersPeople seeking a simpler way to access Bitcoin
Competition
Early ExchangesTrust, payments and ease of use are central differentiators
Additional Company Data
Coinbase begins with a hosted customer account rather than a self custody only product
Trading, custody and fiat access develop around the same customer relationship
Regulatory engagement becomes a core operating requirement as the platform grows
The company later adds institutional and developer businesses alongside retail
Why This Milestone Matters
The original account created the distribution base Coinbase still uses. New products can be offered where customers already hold assets and complete identity checks, reducing the work required to introduce another financial service.
Milestone 2
Coinbase Lists On Nasdaq (Apr 2021)
Coinbase listed its Class A shares directly on Nasdaq under COIN in April 2021. Public reporting opened a clearer view into trading volume, platform assets, users, revenue and the company’s exposure to crypto market cycles.
Company
Coinbase GlobalA public holding company
Stage
Public ScaleExchange growth becomes visible through filings
Capital
Nasdaq listing under COINPublic equity replaces private financing as the main valuation reference
Markets
InternationalThe business expands across retail, institutions and developers
Customers
Several SegmentsConsumers, institutions, businesses and builders
Competition
Global PlatformsCrypto exchanges, custodians and financial apps
Additional Company Data
Transaction revenue remains sensitive to crypto prices and customer activity
Public filings separate transaction revenue from subscription and services
Platform assets and monthly transacting users become important operating measures
The public balance sheet supports acquisitions and regulatory investment
Why This Milestone Matters
The listing gave Coinbase capital and credibility, but it also made the volatility of spot trading visible every quarter. That pressure helps explain the continuing investment in stablecoins, derivatives, subscriptions and other products.
Milestone 3
Coinbase Builds A Canadian Funding Route (Aug 2023)
Coinbase formally launched its Canadian expansion with Interac e Transfers provided through Peoples Trust. More than half of customer deposits used Interac during the month before the announcement, showing why a local payment connection was essential.
Company
Coinbase CanadaA local operating entity within Coinbase Global
Stage
Market EntryCanadian product and payment localization
Capital
Parent FundedNo separate Canadian financing disclosed
Markets
CanadaA priority international market
Customers
Canadian Crypto UsersRetail access with local currency funding
Competition
Local ExchangesInterac reduces a practical advantage held by Canadian platforms
Additional Company Data
Interac e Transfer becomes available to all Canadian Coinbase users
Peoples Trust provides the local payment connection
Canada is also a technology employment base for the global company
Local user, asset and revenue figures are not separately disclosed
Why This Milestone Matters
Global brand recognition wasn’t enough on its own. Coinbase needed a familiar Canadian deposit and withdrawal method before it could compete effectively for the local customer account.
Milestone 4
Coinbase Canada Becomes A Restricted Dealer (Apr 2024)
Coinbase Canada completed restricted dealer registration across Canada in April 2024 after signing an enhanced preregistration undertaking the previous year. It became the first international crypto exchange registered under the Canadian framework.
Company
Coinbase CanadaA registered Canadian crypto platform
Stage
Regulated OperationNational restricted dealer status
Capital
Regulatory CapitalFinancial requirements attach to the registered entity
Markets
All Provinces And TerritoriesCanadian registration coverage
Customers
Approved Canadian UsersAccount limits and disclosures follow local terms
Competition
Registered PlatformsTrust and compliance become part of the sales proposition
Additional Company Data
Registration supports the approved spot crypto business
Coinbase Canada is also registered with FINTRAC as a money services business
Restricted dealer status is not approval for every Coinbase Global product
The next regulatory objective is investment dealer registration and CIRO membership
Why This Milestone Matters
The registration kept Coinbase in Canada as several global exchanges left. It provided a compliant operating base, although the restricted category still limits how far the product range can expand.
Milestone 5
Coinbase Builds The Everything Exchange (Aug 2025 to Jun 2026)
Coinbase added Deribit, equities, prediction markets and more derivatives as it developed the Everything Exchange strategy. The goal is to let customers trade more assets and use more financial services where they already hold crypto and cash.
Company
Coinbase GlobalA multi product financial platform
Stage
Platform ExpansionBeyond spot crypto trading
Capital
US$10.4BCash, equivalents and marketable investments at Mar 31, 2026
Markets
Crypto And Traditional AssetsProducts vary by jurisdiction
Customers
8.2M MTUsGlobal monthly transacting users in Q1 2026
Competition
Financial Super AppsBrokerages, exchanges and consumer finance platforms
Additional Company Data
Deribit adds global crypto options liquidity and institutional activity
Retail derivatives passed US$200M in annualized revenue in Q1 2026
Prediction markets reached US$100M in annualized revenue in March 2026
Tokenized stocks were announced for non US customers without confirmed Canadian timing
Why This Milestone Matters
Coinbase is reducing its dependence on spot trading by selling more products through the same account. The global infrastructure gives the Canadian business options, but each product still needs a local route to market.
Milestone 6
Coinbase Canada Starts Its Next Product Stage (Jun to Jul 2026)
By July 2026, Eric Richmond was leading Coinbase Canada. In interviews that month, he set out the next operating priorities. Coinbase planned to launch derivatives for permitted clients, pursue CIRO membership and work toward a Canadian version of the Everything Exchange.
Company
Coinbase CanadaA local business using global product infrastructure
Stage
Market ExpansionFrom spot crypto toward more asset classes
Permitted Clients FirstThe initial derivatives release is not general retail access
Competition
Platform ContestWealthsimple and Robinhood already span several financial categories
Additional Company Data
Confirm the derivatives launch date, contracts, pricing and legal entity
Track permitted client adoption and any later retail availability
Watch the CIRO application and conditions attached to membership
Separate confirmed Canadian products from the global Everything Exchange catalogue
Why This Milestone Matters
Coinbase has named the Canadian destination and the first product expected to get it there. The next test is execution. Readers can watch for live products, approved registrations, customer use and Canadian results that show whether the strategy is gaining ground.
Related NCFA Intelligence
Four useful ways to place Coinbase Canada’s plan inside the market it’s entering.
A competing model for distributing tokenized equities through exchanges, wallets and established market infrastructure.
Frequently Asked Questions About Coinbase Canada
Is Coinbase regulated in Canada?
Yes. Coinbase Canada, Inc. is registered as a restricted dealer across Canada and as a money services business with FINTRAC. Restricted dealer registration is not the same as CIRO dealer membership, which the Canadian chief executive says the company is targeting for early 2027.
Is Coinbase launching crypto derivatives in Canada?
Coinbase Canada chief executive Eric Richmond said in July 2026 that Coinbase Financial Markets expected to offer derivatives to Canadian permitted clients within weeks. The product had not yet launched when this profile was verified on July 27.
Who will be able to use the Canadian derivatives product?
The first release is intended for permitted clients, a Canadian regulatory category that includes institutions and certain financially sophisticated clients. Coinbase has not announced general retail availability.
Can Canadians trade stocks and ETFs on Coinbase?
Coinbase has described stocks and ETFs as part of its Canadian Everything Exchange ambition, but it has not announced a complete Canadian launch date. A global Coinbase announcement for non US tokenized stocks should not be treated as confirmation that the product is approved or available in Canada.
Will Coinbase offer prediction markets in Canada?
Prediction markets are part of the stated Canadian platform plan, but Coinbase has not announced a Canadian launch date or the legal and regulatory structure it would use. Availability would depend on the contracts offered and Canadian approvals.
What does Coinbase currently offer Canadians?
The current Canadian platform offers spot crypto trading, Advanced trading tools, Interac e Transfer and electronic funds transfer funding, PayPal purchases and eligible USDC rewards. Product availability and reward rates can change.
How many Canadian customers does Coinbase have?
Coinbase does not publish a current Canadian customer count. Its public filings report global users, trading volume, assets and revenue, but those figures should not be presented as Coinbase Canada results.
How does Coinbase make money?
Coinbase Global earns transaction revenue from trading and subscription and services revenue from products including stablecoins, custody, staking, financing and memberships. It does not disclose the revenue or product mix of Coinbase Canada separately.
Who competes with Coinbase in Canada?
Its direct crypto competitors include Robinhood through Bitbuy and Coinsquare, Kraken, Shakepay, NDAX and other registered platforms. Its wider platform ambition also places it against Wealthsimple, established brokerages and financial institutions that already offer Canadian investment accounts.
Is Coinbase Canada part of Coinbase Global?
Yes. Coinbase Canada, Inc. is the Canadian operating entity within Coinbase Global. Coinbase Global is the Nasdaq listed parent. Parent company financial results and global user figures are not the same as Canadian results.
Coinbase Global figures are identified separately from Coinbase Canada information. Planned products, launch timing and regulatory targets may change. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Three exchange closures announced or underway inside one month deserve more than a roundup. They raise a harder question around the 2026 bear market. Is it breaking the centralized exchange model, or exposing platforms that had already lost the trading activity, regulatory access or financial capacity needed to keep going?
The public record doesn't support one cause for all three.
AscendEX tied its closure to the European Union's Markets in Crypto Assets Regulation, along with financial and operating pressures
BitMart cited its operating conditions, the market environment and future strategy without naming a specific financial or regulatory event
BitMEX said its board acted after a strategic review and separately stated that assets exceeded liabilities. Their timing is shared, but their disclosed circumstances aren't
Lower Volume Hits Unevenly
The bear market is real, and it strikes at the first line of exchange economics. Trading fees rise and fall with activity. CoinGecko found that spot volume across the ten largest centralized exchanges fell 39.1% in the first quarter of 2026. Its second quarter report recorded a further 27.9% decline to US$1.95 trillion. Perpetual futures held up better, although volume still fell 10% from the prior quarter.
The numbers explain the pressure. They don't explain which exchange closes. The declines among leading spot venues ranged from 5% to 56% in the second quarter, while Binance increased its share to 38.7%. A weak market can therefore strengthen the largest venue at the same time it makes a smaller one uneconomic.
BitMEX is the clearest example. It created the perpetual swap product that became central to crypto trading, yet product invention didn't preserve its liquidity. Kaiko data reported by Reuters put BitMEX below 0.01% market share with roughly US$400,000 in daily volume when the closure was announced. Meanwhile, the ten largest centralized perpetual exchanges still processed US$12.7 trillion in the second quarter. The market BitMEX helped create remained huge, while its position inside it had collapsed.
Liquidity has its own impact. Traders prefer deeper order books, tighter spreads and reliable execution. Market makers follow trading activity, then their capital improves execution and attracts more traders. Once that cycle runs in reverse, adding another token, staking programme or interface may not repair the core business.
Licensing And Onchain Trading Tighten The Squeeze
Regulation is decisive when it controls market access. Under the MiCA transition rule, a crypto asset service provider that wasn't authorized by the applicable deadline had to stop serving the market until it received authorization. That deadline arrived on July 1, the same day AscendEX ceased operations.
Authorization also carries an operating load. MiCA requires prudential safeguards, governance, internal controls, business continuity planning and security documentation. ESMA's current custody review reaches into key storage, transaction controls, incident response and service provider dependencies. The cost continues after authorization because firms need people, systems and capital while trading revenue can fall quickly.
Regulation is therefore a filter and one part of the explanation. It directly affected AscendEX. Neither BitMEX nor BitMart identified licensing as the cause of its closure. Tighter rules can force a decision or raise the cost of staying open, while weak economics determine how much room a platform has to absorb that cost. NCFA's comparison of MiCA and UK rules shows why regulation can favour companies with stronger governance and compliance infrastructure.
Onchain exchanges are also taking a larger piece of derivatives trading. CoinGecko's perpetuals data shows that the top decentralized venues averaged US$611.6 billion in monthly volume during the first four months of 2026, up from US$531.7 billion in 2025. Their share of open interest reached 13.5% by the end of April, compared with 3.6% at the start of 2025.
Still, centralized exchanges held 86.5% of open interest. Onchain competition is meaningful, especially for active derivatives traders, but it hasn't replaced the centralized model. It has given traders another place to go just as a falling market makes every lost account more expensive.
What Founders, Investors And Canadian Platforms Should Watch
The closing notices reveal almost as much through their differences as their similarities.
AscendEX paused automated withdrawals and said it couldn't assure customers when requests would be completed or how much would be returned
BitMart set a phased timetable and kept withdrawals open, but its notice didn't disclose revenue, reserves, liabilities or the specific condition that made closure necessary
BitMEX said assets exceeded liabilities and kept withdrawals available, while warning that thin contracts could be settled early
Customers need clear answers about whether their assets are held separately, whether reserves cover liabilities, how open positions will be priced, how quickly withdrawals will be processed and which legal entity is responsible for returning their money.
For founders, exchange businesses needs deep liquidity, active traders who keep coming back, trusted custody and permission to operate in every market it serves. New products and jurisdictions can bring in more revenue, but they also add capital, compliance, security and support costs. Those costs don't disappear when trading activity goes somewhere else.
Investors should watch market share, order book depth, active trader retention, withdrawal performance, reserve and liability reporting, market maker concentration and the status of key licences. Historical user totals can hide a much weaker current business. BitMEX's decline from an industry pioneer to less than 0.01% market share shows just how far activity can fall before an established name finally exits.
Canada uses a different regulatory framework, but the same operating questions apply. Canadian platform rules cover registration, custody and delivery requirements, while Kraken's registration shows the conditions attached to serving Canadian customers. Registration can strengthen oversight and make the rules clearer. It can't remove market, custody or company risk.
So the answer goes beyond “bear market plus regulatory pressure.” Lower prices and weaker trading cut fee revenue. Licensing determines where an exchange can legally operate. Liquidity keeps concentrating around fewer large venues, while onchain platforms compete for active traders. Custody, compliance and security remain expensive throughout. If an exchange loses trading activity, market access or customer confidence, it can run out of room even when the global crypto market remains very large.
Talking Point
When trading volume falls, which exchange numbers tell you whether a platform is temporarily quieter or losing the liquidity, trust and regulatory access it needs to remain viable?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Direct participation gives Shakepay more control over how transfers are connected, operated and improved. It can work closer to Interac instead of relying as heavily on another financial institution to provide a service that sits at the centre of its Canadian dollar experience.
Interac says Shakepay serves more than 1.5 million Canadians. Interac e Transfer processed more than 1.6 billion transactions last year.
That makes this less about adding another payment button and more about owning a larger part of the customer relationship.
Shakepay began as a simple way to buy bitcoin. It now offers Canadian dollar balances, e Transfers, card spending, bitcoin rewards and business accounts. Joining Interac directly gives those products a stronger operating base.
Shakepay Is Building Around The Canadian Dollar
Bitcoin remains the hook, but most customers still enter Shakepay through Canadian dollars.
They fund an account, buy an asset, spend from a cash balance or withdraw money to a bank. The better Shakepay handles those steps, the more useful the account becomes before and after a crypto trade.
Its bitcoin rewards strategy follows the same logic. Customers pay merchants in Canadian dollars through established card infrastructure and earn bitcoin afterwards. Merchants don’t have to accept crypto, and customers don’t have to change how they pay.
Interac participation strengthens the other side of that model. Shakepay can connect familiar money movement with bitcoin ownership inside one account.
This is where the company’s strategy becomes more interesting.
A crypto exchange earns activity when customers trade. An everyday financial account can earn attention when they get paid, send money, shop, save or manage a business. Shakepay doesn’t need bitcoin to replace Canadian payment rails. It needs bitcoin to become more useful because those rails are built into the product.
Direct participation doesn’t guarantee faster transfers, higher limits or lower fees. Interac and Shakepay haven’t announced those changes. The value will show up in what Shakepay builds next and whether customers notice a better experience.
From Payments Canada Member To Network Participant
Shakepay became the first crypto focused company to join Payments Canada in May 2025.
Interac participation is a more practical step. Shakepay is now closer to an operating service its customers already use.
Payments Canada membership gives Shakepay a place within the organization that owns and operates Canada’s core clearing and settlement systems
Interac participation gives Shakepay a direct relationship with the network behind a major customer payment service
One opens institutional access. The other can change the product.
Shakepay qualified as a FINTRAC registered money services business and a CIRO regulated investment dealer. Its dealer membership took effect in January 2025, adding national oversight of its investment operations, capital, custody and compliance.
Regulation is becoming part of the competitive stack. It takes time and money, but it also gives fintechs access to infrastructure that was once largely reserved for banks and credit unions.
Canada’s crypto market is splitting along two strategies.
Robinhood bought WonderFi and its Bitbuy and Coinsquare platforms to enter Canada with regulated trading scale. Shakepay remains independent and is extending outward from bitcoin into payments.
One strategy consolidates trading platforms under a global owner. The other tries to turn a Canadian crypto relationship into a broader financial account.
Interac participation gives Shakepay more control, but it also leaves less room to blame an intermediary when payments fail. Fraud controls, outages, customer support and account reliability now carry more strategic weight.
NCFA Perspective
Shakepay has assembled much of an everyday financial account without becoming a bank. Customers can hold Canadian dollars, move money through Interac, spend through a prepaid card and earn bitcoin rewards. Businesses can manage cash and digital assets through the same platform.
The products fit together. Now customers need to use them. More than 1.5 million registered users gives Shakepay reach, but it doesn’t show how many customers maintain balances, route recurring income or use the account every week. Those behavioural actions are beyond account registrations because they determine deposit stability, payment volume and customer lifetime value.
Direct Interac participation improves operating control and reduces reliance on intermediaries. It also gives Shakepay more freedom to design the account around payments, cash and bitcoin. The larger opportunity is to convert a crypto relationship into a primary financial relationship. That depends on whether customers trust Shakepay enough to leave money there and useful enough to return when they aren’t buying bitcoin.
Talking Point
Can Shakepay turn direct Interac access into a primary financial relationship, or will it remain the account Canadians use mainly when they want bitcoin?
NCFA Company Intelligence Snapshot
Shakepay
Canadian bitcoin platform extending into payments, cards and business financial services
Last updated Jul 23, 2026
Company At A Glance
Founded2015
Head OfficeMontreal, Quebec
FoundersJean Amiouny and Roy Breidi
Reported UsersMore than 1.5 million Canadians
OwnershipPrivately held and Canadian owned
Core ProductsBitcoin, ether, cash balances, transfers, cards and rewards
Business OfferCanadian dollar and crypto treasury accounts and transfers
RegulationCIRO investment dealer and FINTRAC registered MSB
Payments CanadaMember since May 2025
Interace Transfer participant since Jul 2026
Milestones
Select a milestone to follow Shakepay’s development from bitcoin trading into everyday finance
1Bitcoin Platform2015
2Series AJan 2022
3CIRO DealerJan 2025
4Payments CanadaMay 2025
5Everyday Account2025–2026
6Direct Interac AccessJul 2026
Milestone 1
Shakepay Starts With A Simple Bitcoin Product (2015)
Jean Amiouny and Roy Breidi founded Shakepay in Montreal. The early product gave Canadians a simpler way to buy and sell bitcoin using Canadian dollars.
Company
ShakepayPrivately held Canadian bitcoin company
Stage
LaunchA focused product enters the Canadian market
CanadaCanadian dollar access supports local adoption
Customers
First Time BuyersEase of use lowers the entry barrier
Competition
Local SimplicityThe product is built around Canadian funding needs
Additional Company Data
Shakepay was founded in Montreal in 2015
Jean Amiouny serves as chief executive officer
The initial offer focused on bitcoin access for Canadians
The company later added ether and Canadian dollar account features
Why This Milestone Matters
Shakepay began with one clear job: make buying bitcoin easier in Canada. That focus built the customer base it is now trying to extend into payments.
Milestone 2
Shakepay Raises C$44 Million For Growth (Jan 2022)
Shakepay raised a C$44 million Series A led by QED Investors. The financing supported hiring, product development and growth as Canadian crypto adoption accelerated.
Company
ShakepayThe company adds institutional investors
Stage
Early ScaleCapital supports a larger team and product
Capital
C$44 MillionSeries A led by QED Investors
Markets
Canadian GrowthThe domestic customer base expands
Customers
Retail UsersMainstream adoption becomes the target
Competition
Funded ChallengerShakepay can invest through a volatile market cycle
Additional Company Data
QED Investors led the Series A
The round valued Shakepay at approximately C$313 million
Previous investors included Boost VC and BoxOne Ventures
The company remained independent after the financing
Why This Milestone Matters
The round gave Shakepay time to build beyond transaction volume. Its larger opportunity became the customer account, not only the trade.
Milestone 3
Shakepay Becomes A CIRO Investment Dealer (Jan 2025)
Shakepay became a CIRO investment dealer member effective January 8, 2025. National dealer oversight strengthened its regulatory position and created a base for deeper payment access.
Company
Shakepay Inc.The regulated dealer operates the investment business
Stage
Regulated ScaleThe company enters national dealer oversight
Capital
Custody ControlsClient assets remain subject to dealer conditions
Markets
CanadaThe approval supports national operations
Customers
Canadian InvestorsInvestment services operate through a regulated dealer
Competition
Access CredentialRegulation supports trust and network eligibility
Additional Company Data
CIRO membership took effect January 8, 2025
Shakepay is also registered with FINTRAC as a money services business
The dealer is registered with Quebec’s Autorité des marchés financiers
Dealer status doesn’t make Shakepay a bank
Why This Milestone Matters
Regulation became an operating asset. It gave Shakepay the standing to pursue infrastructure relationships that aren’t available to an unregulated crypto app.
Milestone 4
Shakepay Joins Payments Canada (May 2025)
Shakepay became the first crypto focused company admitted as a Payments Canada member. Membership brought it into national payment governance and opened the door to deeper system access.
Company
Shakepay Inc.The regulated dealer becomes a member
Stage
Infrastructure EntryShakepay enters payment system governance
Capital
Payment AccessNational infrastructure becomes part of the strategy
Markets
Canadian PaymentsThe company joins banks and regulated fintechs
Customers
Consumers And BusinessesFuture access can improve money movement
Competition
Formal MembershipA crypto company gains a seat at the table
Additional Company Data
Payments Canada announced the membership in May 2025
Shakepay was the first crypto focused member
Membership supports participation discussions but doesn’t grant automatic rail access
Shakepay identified the Real Time Rail as a future opportunity
Why This Milestone Matters
Membership gave Shakepay institutional standing. The commercial value would depend on whether it could turn that standing into actual network access.
Milestone 5
Shakepay Builds More Uses Around The Account (2025–2026)
Shakepay added more ways to hold, transfer and spend money while keeping bitcoin central to the customer experience. Cards, rewards and business services extended the relationship beyond trading.
Company
ShakepayThe product expands around one account
Stage
Product ExpansionTrading connects with spending and transfers
Capital
Customer BalancesCanadian dollars and crypto remain in one platform
Markets
Everyday FinanceShakepay competes for more regular account use
Customers
Consumers And BusinessesThe offer extends beyond retail traders
Competition
Account UtilityPayments create more customer touchpoints
Additional Company Data
Customers can hold Canadian dollars, bitcoin and ether
The prepaid card connects Canadian dollar spending with bitcoin rewards
Shakepay for Business supports treasury balances and transfers
The company reported more than 1.5 million Canadian users
Why This Milestone Matters
A customer may trade only occasionally. Payments and balances give Shakepay more chances to become part of the customer’s regular financial routine.
Milestone 6
Shakepay Joins Interac e Transfer Directly (Jul 2026)
Shakepay joined Interac e Transfer as a participant. It already offered the service, but the direct relationship gives the company more control over payment delivery and future development.
Company
Shakepay And InteracThe platform connects directly with the network
Stage
Direct ParticipationMembership leads to operating access
Capital
Payment ControlShakepay can rely less on intermediaries
Markets
Interac e TransferA service used at national scale
Customers
1.5 Million PlusUsers gain a stronger payment foundation
Competition
Primary AccountThe company competes for more daily activity
Additional Company Data
The announcement was dated July 16, 2026
Interac reported more than 1.6 billion e Transfer transactions last year
Direct participation doesn’t make Shakepay a bank
No immediate fee, limit or processing changes were announced
Why This Milestone Matters
Shakepay now controls more of the connection between Canadian dollars and bitcoin. The next proof point is whether that produces a better and more frequently used account.
Frequently Asked Questions About Shakepay And Interac e Transfer
What changed for Shakepay?
Shakepay became a direct participant in Interac e Transfer. Customers already had access to e Transfers, but Shakepay now has more control over how the service is connected and operated.
Is Shakepay owned by WonderFi or Robinhood?
No. WonderFi owned Bitbuy and Coinsquare and was acquired by Robinhood. Shakepay is a separate privately held Canadian company.
How is this different from joining Payments Canada?
Payments Canada membership brought Shakepay into national payment governance and created eligibility for deeper access. Interac participation connects it directly with a specific operating network.
Does Interac e Transfer send bitcoin?
No. Interac e Transfer moves Canadian dollars. Shakepay customers can then hold, spend, withdraw or convert those funds into supported digital assets.
Does direct participation make Shakepay a bank?
No. Shakepay remains a CIRO regulated investment dealer and FINTRAC registered money services business.
Related NCFA Intelligence
Continue into the payment access, regulation and infrastructure developments affecting Canada’s fintech account market.
The transaction volumes and customer behaviour making direct payment infrastructure more commercially valuable.
Information notice: Company and network figures are identified and attributed where applicable. Product availability, operating features and regulatory treatment may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: [www.ncfacanada.org](http://www.ncfacanada.org)
GTN will execute trades in the underlying shares, hold them in custody and maintain the records connecting those assets with the tokens in circulation. Its network reaches more than 90 markets, giving Payward access to established brokerage and custody relationships in each country it enters.
Every xStock still starts with a conventional market transaction. A broker buys the referenced share or exchange traded fund, a custodian holds it and Backed Assets (JE) Limited issues the matching token. Redemption reverses the process.
The token can then trade through exchanges, wallets and decentralized applications, including when the underlying stock market is closed. However, that flexibility creates a pricing risk. When the share isn’t trading and direct creation or redemption is unavailable, market makers have to keep the token reasonably close to the underlying asset.
The GTN arrangement is live, although access won’t arrive everywhere at once. Payward says Hong Kong products will begin appearing this week. GTN can distribute xStocks to institutional clients only after securing the required licences.
Payward Can Sell The Same Product Through Competitors
Since then, Payward has added exchanges, wallets, blockchains and professional trading firms. In July 2026, OKX launched more than 40 xStocks for eligible users across several international regions.
OKX competes directly with Kraken. Supplying the same product to a rival exchange shows that Payward wants wide distribution, even when another company owns the customer relationship.
The products now do more than spot trading. Kraken Pro accepts selected xStocks as collateral for eligible margin and futures positions. Professional firms can connect directly to issuance and redemption, while separate perpetual futures provide leveraged exposure to tokenized equity prices.
Payward gained control of the product developer when it acquired Backed Finance. The deal was announced in December 2025 and completed in January 2026.
A planned gateway with Nasdaq could add a second type of product. Current xStocks are certificates created by an unrelated third party. By contrast, Nasdaq intends its proposed equity tokens to involve the public company and preserve the rights attached to the actual security.
Payward could eventually distribute both types through connected services. Investors will need a clear answer on whether each token represents a share, tracks a share or provides derivative exposure to its price.
An xStock Tracks A Share But Doesn’t Make You A Shareholder
Backed Assets (JE) Limited, a Jersey special purpose vehicle, issues the existing xStocks. Legally, the products are bearer debt instruments classified as tracker certificates.
The holder receives economic exposure to a stock or ETF but doesn’t own the referenced company’s shares. That means no voting rights, direct shareholder information rights or residual claim against the company.
The issuer reinvests dividends received on the underlying shares, net of applicable taxes, and adjusts token balances to reflect the additional holdings. It handles stock splits and reverse splits through similar balance changes.
xStocks says dedicated collateral accounts hold the corresponding security for each product. After an issuer default, an independent security agent can take control of those accounts and distribute proceeds under the legal documents.
That protection is useful, but it doesn’t put the holder in the same position as a shareholder. Recovery may come through cash from liquidated collateral rather than delivery of the shares. Custodian failure, broker failure, legal disputes or operating problems could also delay or reduce the amount recovered.
The difference can be seen in Figure’s blockchain common stock. Figure issued company equity through a public securities process. An xStock is a separate certificate tied to a share held elsewhere.
Who Is Competing And How Their Models Differ
GTN and Payward say xStocks now has more than 500 assets, nearly 200,000 holders and more than US$35 billion in transaction volume. These are company reported figures. Trading volume isn’t the same as the value of the tokens currently outstanding, and the public catalogue may not show every asset counted across venues and blockchain networks.
Companies are approaching tokenized equities from several directions.
xStocks uses common token contracts that can circulate through Kraken, third party exchanges, wallets and blockchain applications. Wide distribution is its advantage. The current products don’t provide direct shareholder rights.
Ondo Global Markets offers a large catalogue of tokenized U.S. stocks and ETFs through blockchain networks. It competes on product breadth, onchain access and the amount of tokenized exposure in circulation.
Dinari connects its dShares products with regulated brokerage operations, reserve reporting and shareholder economics. Its offer places more weight on the regulated securities relationship behind each token.
Robinhood controls the customer account, token product and distribution experience. Its European tokenized stock offer is more closed than xStocks, but that control can make pricing, compliance and customer support easier to manage.
Coinbase has sought permission to add tokenized equities in the United States. Its exchange, custody relationships and large customer base would provide immediate distribution if regulators approve the product.
Nasdaq and other established market operators are working on issuer sponsored digital shares that remain close to recognized exchanges, transfer agents and market supervision. Those products may travel less freely, but they are designed to preserve the legal rights attached to the security.
Access Still Depends On Local Rules
xStocks aren’t currently available to retail clients in Canada, the United States or the United Kingdom. The Canadian exclusion is notable because Payward Canada is registered as a restricted dealer. Canadians can use Kraken’s approved crypto platform, but that registration doesn’t authorize xStocks.
GTN gives Payward the brokerage, custody and records needed to add shares from more countries. Even so, local securities rules will decide where those products can actually be sold.
Talking Point
Can Payward scale xStocks across markets and product types without blurring the difference between owning a share and tracking one?
NCFA Company Intelligence Snapshot
Payward / xStocks
Tokenized equity products connecting traditional share custody with exchanges, wallets and blockchain markets
Last updated Jul 22, 2026
Company At A Glance
LaunchedJun 30, 2025
DeveloperPayward, parent company of Kraken
IssuerBacked Assets (JE) Limited, Jersey
StructureTracker certificates backed by referenced shares or ETFs
OwnershipPayward completed its acquisition of Backed Finance in Jan 2026
Primary MarketKYC, approved wallets and US$5,000 minimum for direct issuance or redemption
DistributionKraken, third party exchanges, wallets and DeFi applications
NetworksEthereum, Solana and other supported blockchain networks
Reported ScaleUS$35B+ transaction volume and nearly 200,000 holders
CanadaNot currently available to Canadian retail clients
Milestones
Select a milestone to follow the development of Payward and xStocks
1LaunchJun 2025
2Open DistributionAug–Dec 2025
3Backed AcquisitionDec 2025–Jan 2026
4Trading ConnectionMar 2026
5Nasdaq GatewayMar 2026
6Collateral And IPOsJun–Jul 2026
7Third Party ScaleJul 2026
8International MarketsJul 2026
Milestone 1
xStocks Launches With Tokenized U.S. Equities (Jun 2025)
Kraken launched 60 xStocks for eligible clients outside the United States on June 30, 2025. Backed supplied the issuance structure, while Kraken provided the first large distribution channel and customer interface.
Company
Kraken And BackedThe exchange and tokenization provider launch xStocks together
Stage
Commercial LaunchTokenized U.S. stocks and ETFs enter live distribution
Capital
Asset BackedEach token is supported by the corresponding underlying security
Markets
Non U.S. ClientsThe rollout begins outside the United States
Customers
Kraken UsersEligible clients gain fractional equity exposure through a crypto account
Competition
Portable TokensWithdrawal to self custody distinguishes the product from a closed broker balance
Additional Company Data
The public launch began with 60 U.S. stocks and ETFs
Backed Assets (JE) Limited issued the tracker certificates
Payward Digital Solutions Ltd. provided access to eligible Kraken clients
Solana was the initial blockchain network
NCFA Perspective
Tokens that can leave the exchange are easier for other platforms to support. That portability gave xStocks a route beyond Kraken from the start.
Milestone 2
xStocks Expands Across Chains And Platforms (Aug–Dec 2025)
xStocks extended beyond Solana to additional blockchain networks, exchanges and wallets. Alpaca also became a preferred venue for sourcing and holding the U.S. shares backing the products.
Company
xStocks AllianceExchanges, wallets and blockchain partners support the product
Stage
Network DistributionThe product extends beyond one exchange and one chain
Capital
Custodied SharesAlpaca sources and holds underlying U.S. equities
Markets
Global DistributionEligible users gain access through several platforms and networks
Customers
Exchange And Wallet UsersCustomers can reach the same products through different interfaces
Competition
Common ProductShared token contracts compete with platform specific products
Additional Company Data
Ethereum support launched in September 2025
Further integrations expanded blockchain and self custody distribution
EU access began through a separately regulated Payward entity
Alpaca supported brokerage, custody and institutional connections
NCFA Perspective
Payward didn’t need to own every customer account. One issuer and common token contracts could support distribution through several companies.
Backed announced that it would join Kraken in December 2025. Payward completed the acquisition in January 2026, bringing the developer of xStocks inside the same corporate group as its largest distributor.
Company
Payward And BackedThe distributor acquires the product developer
Stage
Vertical IntegrationDevelopment and distribution come under common ownership
Capital
AcquisitionPurchase consideration was not publicly disclosed
Markets
Payward GroupxStocks joins a larger global financial services company
Customers
Retail And B2BPayward can serve Kraken and outside distributors
Competition
Owned Tokenization CapabilityPayward controls a core product function
Additional Company Data
Backed Finance was founded in 2021
Backed Assets (JE) Limited remains the named issuer
The acquisition closed in January 2026
Payward can develop xStocks for Kraken and other distributors
NCFA Perspective
Payward brought an important supplier inside the company. It could now set product priorities without depending on an outside tokenization partner.
Milestone 4
xChange Connects Traditional Liquidity With Onchain Settlement (Mar 2026)
xStocks introduced xChange as an atomic request for quote service. Approved clients can issue or redeem tokens against stablecoins in one onchain transaction while prices remain connected with traditional equity markets.
Company
xStocksApproved firms gain a direct trading connection
Stage
Professional TradingIssuance and redemption become programmable and atomic
Capital
Atomic SettlementBoth sides transfer together or neither side settles
Markets
Ethereum And SolanaInitial support connects two major blockchain markets
Customers
Market Makers And InstitutionsApproved counterparties gain primary market access
Competition
Price AlignmentCreation and redemption help align tokens with the shares
Additional Company Data
xChange uses a request for quote model
Settlement is atomic and occurs onchain
Direct clients must complete issuer onboarding
The service complements exchange and DeFi liquidity
NCFA Perspective
Professional firms need an efficient way to create, redeem and arbitrage the tokens. Without that connection, secondary prices can drift away from the shares they track.
Milestone 5
Payward And Nasdaq Plan An Equity Token Gateway (Mar 2026)
Payward and Nasdaq agreed to develop a gateway connecting Nasdaq’s planned issuer sponsored equity tokens with permissionless blockchain markets through xStocks technology.
Company
Payward And NasdaqA crypto company works with an established exchange operator
Stage
Regulated Market GatewayThe planned service joins regulated issuance with open networks
Capital
Issuer Sponsored EquityTokens are intended to retain the rights of the security
Markets
Eligible JurisdictionsOperation remains subject to approval and completion
Customers
Issuers And InvestorsPublic companies could reach blockchain investors
Competition
Shareholder RightsThe model addresses a limitation of tracker certificates
Additional Company Data
The partnership was announced March 9, 2026
Nasdaq Equity Tokens are intended to preserve governance and market protections
xStocks would provide the blockchain connection
The gateway is expected in the first half of 2027, subject to approval and completion
NCFA Perspective
Nasdaq could give Payward a role in digital shares with shareholder rights. Product labels and disclosures will have to keep those shares separate from tracker certificates.
Milestone 6
xStocks Adds IPO Access, Derivatives And Collateral (Jun–Jul 2026)
Payward extended xStocks beyond spot trading. Planned IPO allocations, tokenized equity futures and eligible collateral use gave the products more roles inside trading and investment accounts.
Company
Payward ServicesxStocks joins a wider B2B product set
Stage
Product ExpansionThe tokens gain uses beyond buying and selling
Capital
Collateral UtilitySelected xStocks can support eligible leveraged trading
Markets
Global Eligible MarketsAvailability varies by product and jurisdiction
Customers
Retail And Professional TradersDifferent products serve investing, hedging and trading
Competition
Connected Product SetSpot tokens connect with derivatives, collateral and allocations
Additional Company Data
Payward announced planned tokenized U.S. IPO access in June 2026
Selected Alliance members may distribute IPO allocations to eligible clients
xStocks perpetual futures provide derivative exposure
Collateral use is subject to haircuts and account limits
NCFA Perspective
Collateral and derivatives make the tokens more useful to active traders. They also increase the cost of poor liquidity, bad pricing or unclear risk controls.
Milestone 7
OKX Launches More Than 40 xStocks (Jul 2026)
OKX launched more than 40 tokenized U.S. stocks and ETFs powered by xStocks on July 16, 2026. The launch gave a major third party exchange its own customer facing xStocks offer.
Company
xStocks And OKXA competing exchange adopts the Payward product
Stage
External ScaleDistribution extends through another global platform
Capital
Common Token ContractsThe same tokens can trade across several venues
Markets
Asia, CIS, MENA And TürkiyeEligible regional customers receive access through OKX
Customers
OKX UsersCrypto traders gain equity exposure inside an existing account
Competition
Product SupplierPayward supplies a company that competes with Kraken
Additional Company Data
OKX launched more than 40 xStocks against USDT
Users can trade through an order book or direct interface
xChange had already been integrated into OKX DEX
Commercial terms were not disclosed
NCFA Perspective
Payward chose wider distribution over a Kraken exclusive. The commercial test is whether the same tokens can attract enough liquidity across separate exchanges.
Milestone 8
GTN Adds International Execution And Custody (Jul 2026)
GTN and Payward partnered on July 22, 2026, to extend xStocks beyond U.S. securities. GTN will provide execution, custody, ledgering and record keeping for the traditional assets underneath the new products.
Company
Payward And GTNToken distribution connects with international market services
Stage
International ExpansionThe product begins adding shares listed outside the United States
Capital
Underlying Asset SupportGTN handles execution, custody and asset records
Markets
Hong Kong FirstUK, European and South Korean assets are planned
Customers
Retail And Institutional ChannelsGTN prepares institutional distribution while existing venues continue
Competition
International Asset BreadthOne product family extends across more national markets
Additional Company Data
GTN connects with more than 90 markets
The partnership is live at the operating level
GTN distribution remains subject to required licences
The agreement may later support other asset classes
NCFA Perspective
GTN gives Payward the brokerage, custody and records needed to add shares from more countries. Success will depend on local approval, reliable market makers and clear ownership disclosures.
Frequently Asked Questions About xStocks
What are xStocks?
xStocks are tokenized tracker certificates that provide economic exposure to listed shares and ETFs. Backed Assets (JE) Limited issues the current products and holds corresponding traditional securities as collateral.
Does an xStock make the holder a shareholder?
No. An xStock holder doesn’t own the referenced company’s shares and receives no voting rights, direct shareholder information rights or residual claim against that company.
What does GTN provide to xStocks?
GTN will execute trades in the international shares, hold those assets in custody and maintain the ledgering, record keeping and sub accounting needed to support the tokens. Hong Kong comes first, with UK, European and South Korean assets planned.
How are xStocks backed?
xStocks says each product is backed by the corresponding share or ETF in dedicated collateral accounts. An independent security agent can take control of those accounts after an issuer default, although recovery may involve selling the collateral rather than delivering shares to tokenholders.
Where can xStocks be traded?
Eligible users can access xStocks through Kraken and participating third party exchanges, wallets and blockchain applications. Availability, trading hours, liquidity and product selection differ by venue and country.
Are xStocks available in Canada?
No. xStocks aren’t currently available to Canadian retail clients. Payward Canada’s restricted dealer registration allows Kraken to offer approved crypto services in Canada, but it doesn’t authorize xStocks.
How are xStocks different from Nasdaq’s planned equity tokens?
Current xStocks are third party tracker certificates. Nasdaq’s proposed tokens are intended to involve the public company and preserve the governance and investor rights attached to the actual security.
Related NCFA Intelligence
Continue into the market, regulatory and settlement developments affecting tokenized securities beyond xStocks.
Europe’s approach to connecting tokenized securities with central bank money and regulated wholesale market operations.
Information notice: Company figures are identified and attributed where applicable. Product availability and legal treatment vary by jurisdiction and may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Netcoins is the first Canadian platform to go live on the infrastructure. The rollout builds on an existing relationship rather than starting from zero. BIGG Digital Assets invested in APX and announced the Netcoins partnership in May 2025, and Netcoins later added an in app lending page and calculator while the companies worked toward full integration.
The new launch turns APX’s securities law relief into infrastructure another Canadian platform can distribute. APX can now place its lending system behind a partner’s customer relationship rather than relying only on borrowers who arrive through its own channel.
Netcoins Keeps The Customer While APX Runs The Loan
Netcoins brings the app, customer relationship and regulated crypto trading channel. Netcoins became one of Canada’s early restricted dealer crypto platforms in 2021. It is owned by publicly traded BIGG Digital Assets, which combines Netcoins with blockchain analytics and compliance technology under a compliance first operating model.
APX runs the lending operation behind the interface. It supplies capital, reviews each application, performs the required account appropriateness assessment, manages collateral, handles servicing and monitors loan to value levels around the clock. APX or a wholly owned special purpose vehicle remains the lender under the loan agreement.
The partnership lets Netcoins add credit without creating its own lending balance sheet, underwriting team or collateral controls. APX gains distribution through an established Canadian platform, while Netcoins can add a new revenue line and give customers another reason to keep assets inside its ecosystem.
The model resembles other forms of embedded lending infrastructure, but the collateral is digital. The customer sees a loan inside a familiar platform even though a specialist provider operates the credit system behind it.
Collateral Rules Matter More Than A Fast Application
Netcoins’ lending page currently shows loans starting at C$10,000 or USDC 10,000, using Bitcoin or Ether as collateral. Terms can run for up to 60 months, and the displayed interest rate starts at 12.99%. Final terms and eligibility are determined during APX’s application process.
Borrowers can access Canadian dollars or USDC without a conventional credit check, but the loan is secured by crypto. If the collateral value falls, the loan to value ratio rises. APX can require more collateral or partial repayment and may liquidate assets when the applicable threshold is reached.
The April 2025 OSC decision permits APX to accept Bitcoin and Ether unless the principal regulator approves another asset. It also requires client disclosures, account appropriateness reviews and third party custody controls. The relief is time limited, expires three years after the decision and should not be treated as a general precedent for other lenders.
APX says collateral is held in segregated BitGo Trust cold storage, remains visible on chain and is not pooled, re-lent or rehypothecated. Customers should still understand that crypto collateral is not protected by the Canadian Investor Protection Fund and can be sold if the loan breaches its terms.
Competition Now Includes The Lending Layer
Netcoins adds crypto backed credit to trading, custody, staking and card products without building a lending operation internally.
Ledn operates a specialist Bitcoin backed lending business and has connected crypto loans with institutional funding markets.
Canadian crypto platforms that focus mainly on trading and custody may now need to decide whether lending belongs in their product mix.
Banks and fintechs could eventually use similar infrastructure if they want to offer digital asset secured credit without holding or operating the full crypto lending stack.
A Shared Interface Doesn't Remove Shared Responsibility
The commercial appeal is clear, but do users understand who is doing what?
Netcoins controls the experience, but APX approves and services the loan. Customers need clear information about the lender, collateral transfer, interest costs, margin notices, liquidation rules, data sharing and complaint handling before they apply.
Andrei Poliakov has followed this compliance first approach before. In a 2019 NCFA interview with Coinberry, he described the goal of building a trusted Canadian crypto business with supportive banking and long term operating discipline.
Coinberry was later acquired by WonderFi for C$38.5 million as regulatory costs encouraged consolidation. APX applies that experience to shared infrastructure that several platforms may be able to use rather than each one building a separate lending operation.
If the model performs well, APX could become a common lending layer behind several crypto platforms. If servicing, disclosures or liquidations create friction, the platform presenting the loan will share the reputational cost.
Talking Point
Will APX become the lending layer behind several Canadian crypto platforms, or will larger exchanges eventually build or acquire their own credit infrastructure?
NCFA Company Intelligence Snapshot
APX Lending
Regulated crypto backed lending and partner infrastructure for digital asset platforms
Last updated Jul 21, 2026
Company At A Glance
Founded2023 by Andrei Poliakov
HeadquartersToronto, Canada
StatusPrivate
Regulatory StructureTime limited securities law relief issued Apr 1, 2025
ProductsDirect crypto backed loans, private client lending and Lending as a Service
CollateralBitcoin and Ether in Canada
Loan CurrencyCanadian dollars and USDC
Funding CapacityC$20M accordion credit facility announced Oct 2025
CustodySegregated BitGo Trust cold storage
Milestones
Select a milestone to follow APX Lending’s development
1Formation2023
2US Expansion2024
3Regulatory ReliefApr 2025
4BIGG InvestmentMay 2025
5Credit FacilityOct 2025
6Embedded LaunchJul 2026
Milestone 1
APX Lending Is Founded (2023)
Andrei Poliakov founded APX Lending in 2023 after helping build Coinberry, one of Canada’s early regulated crypto trading platforms. APX focused on secured credit that lets borrowers access liquidity without selling Bitcoin or Ether.
Company
APX LendingCrypto backed lending built around regulated infrastructure
Stage
FormationA new lender develops after the Coinberry operating experience
Capital
Private FundingEarly financing details not publicly disclosed
Markets
CanadaA compliance first route into digital asset credit
Customers
Crypto HoldersIndividuals and businesses seeking liquidity without selling
Competition
Custody First LendingSegregated collateral and no rehypothecation
Additional Company Data
Poliakov previously co-founded and led Coinberry
The first product focused on loans secured by digital assets
APX developed proprietary loan and collateral management technology
Revenue and early funding remain private
NCFA Perspective
APX began with a founder who had already worked through Canadian crypto compliance, banking and custody challenges. The new company applied that experience to lending rather than another trading platform.
Milestone 2
US Lending And Netcoins Partnership Begin (2024)
APX expanded into the United States and signed a partnership with Netcoins USA. The companies began coordinating crypto backed lending and trading services before the Canadian embedded product was available.
Company
APX USThe lender extends beyond its Canadian base
Stage
Market ExpansionUS operations and partner distribution develop
Capital
Growth FundingExpansion capital not publicly separated by market
Markets
United StatesSelected state availability and institutional demand
Customers
Retail And BusinessBorrowers using crypto to secure liquidity
Competition
Cross Border ReachCanadian operating experience applied in a larger market
Additional Company Data
Netcoins USA announced an APX partnership in October 2024
The agreement combined preferred lending and trading access
APX reported more than US$100 million in prospective borrower interest after entering the US
The Canadian product still required a separate regulatory route
NCFA Perspective
The early Netcoins relationship shows that the 2026 Canadian launch came from a longer distribution strategy. APX was testing how lending and trading platforms could complement each other before full embedded infrastructure went live.
Milestone 3
Canadian Securities Law Relief Is Granted (Apr 2025)
The OSC granted APX time limited relief from dealer registration and prospectus requirements, with passport relief across Canada. The decision created a regulated framework for loans secured by Bitcoin or Ether.
Company
APX Inc.The Canadian lending entity covered by the decision
Stage
Regulatory ApprovalA time limited operating framework is established
Capital
Secured LendingLoans funded by APX or wholly owned SPVs
Markets
Across CanadaSubject to applicable provincial lending requirements
Customers
Individuals And BusinessesBorrowers complete an account appropriateness assessment
Competition
First Mover FrameworkThe decision is tailored to APX and is not a general precedent
Additional Company Data
The decision was issued April 1, 2025
Bitcoin and Ether are the approved collateral assets
At least 95% of qualifying collateral must generally remain with an acceptable third party custodian
The relief expires three years after the decision unless amended
NCFA Perspective
The order did more than permit a direct lending product. It created the compliance base APX later used to build lending infrastructure for other Canadian platforms.
Milestone 4
BIGG Invests And Netcoins Partnership Forms (May 2025)
BIGG Digital Assets invested in APX and connected the lender with Netcoins. The agreement paired APX’s secured credit operation with a regulated Canadian crypto distribution platform.
Company
APX And NetcoinsLending infrastructure meets regulated platform distribution
Stage
Strategic PartnershipInvestment and product planning begin
Capital
BIGG InvestmentInvestment amount not publicly disclosed
Markets
Canada And USCoordinated market development across both countries
Customers
Netcoins UsersTrading clients become a future lending audience
Competition
Platform DistributionAPX expands beyond direct customer acquisition
Additional Company Data
BIGG announced the investment on May 13, 2025
Netcoins is wholly owned by BIGG Digital Assets
The partnership followed APX’s April regulatory decision
Coordinated go to market activity was planned before full integration
NCFA Perspective
The investment aligned APX with both capital and distribution. Netcoins had an economic reason to help the lending product succeed before the infrastructure was fully embedded.
APX secured a C$20 million accordion credit facility from Cypress Hills. The facility increased the capital available for Canadian crypto backed loans and future partner programs.
Balance Sheet ScaleMore loans can be supported without relying only on equity
Capital
C$20M FacilityAccordion structure from Cypress Hills
Markets
CanadaFunding supports domestic loan growth
Customers
Retail And InstitutionalDirect borrowers and partner distributed loans
Competition
Funding CapacityReliable capital becomes part of the partner proposition
Additional Company Data
Cypress Hills is a private credit investment firm
The accordion structure can increase capacity under agreed conditions
Pricing, maturity and detailed covenants were not publicly disclosed
APX continued developing white label infrastructure during this period
NCFA Perspective
Embedded credit needs dependable capital as well as software. The facility strengthened APX’s ability to promise partners that approved loans could actually be funded.
Milestone 6
Netcoins Launches On APX Lending Infrastructure (Jul 2026)
APX launched its Canadian Lending as a Service platform with Netcoins on July 21, 2026. Eligible users can access crypto backed loans through the Netcoins app while APX runs the lending operation behind the experience.
Company
APX Lending as a ServicePartner branded crypto backed credit infrastructure
Stage
Commercial LaunchThe first Canadian platform goes live
Capital
APX SuppliedAPX provides the lending capital behind the program
Markets
CanadaRollout begins for eligible Netcoins users
Customers
Netcoins UsersBorrowers access liquidity without selling BTC or ETH
Competition
Embedded Credit LayerOther platforms can add lending without becoming lenders
Additional Company Data
Netcoins is the first Canadian platform live on the partner infrastructure
APX supplies underwriting, compliance, collateral management, technology and servicing
Loan terms and eligibility are provided during the APX application process
Commercial economics between APX and Netcoins were not disclosed
NCFA Perspective
The launch turns APX from a specialist lender into shared market infrastructure. The next test is whether other Canadian platforms adopt the same lending layer or build competing systems.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. 
