Why Canada Shouldn’t Leave the Blockchain Party Early: Insights from Lucas Matheson

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What to know:

  • Lucas Matheson, the big cheese at Coinbase Canada, is pushing for Canada to get its blockchain act together before the next election on April 28, 2025. Because, you know, a country can’t run solely on maple syrup and good intentions.
  • Coinbase Canada is on a mission to obtain full dealer registration, hoping to cash in on Canada’s obsession with crypto—seriously, it’s like saying, “What’s not to like about digital money?”
  • Matheson, who’s probably running on caffeine and a love for tech, spoke at Consensus 2025 in Toronto, calling for a national crypto strategy—because who wouldn’t want more strategies, right?

As we hurtle towards an election that might not change a thing, Lucas Matheson, the CEO of Coinbase Canada, is throwing his hat (and probably a few NFTs) into the ring, convinced that blockchain is the next big thing for our frozen land. We dissected his vision for Canada’s crypto landscape; it was like watching a toddler attempt to make a snow angel—with a lot of flapping and not a lot of success.

Having danced between traditional finance and tech startups, Matheson is basically a Swiss Army knife of business experience. When I asked him about crypto’s future, he was practically glowing like the light from a poorly placed LED strip—his passion for blockchain adoption was palpable.

This interview has been trimmed to keep it digestible, much like a light salad after a week of nachos.

CoinDesk: Your career has taken you from traditional finance to Shopify to crypto. Was there a specific moment when you realized digital assets would reshape finance, or was it a gradual conviction?

Lucas: Imagine a slow dance. I’m a Canadian entrepreneur steeped in finance, but it took a hearty drink of Silicon Valley Kool-Aid to really flip the switch. Ten years a Coinbase customer; it was like being a loyal fan before they made the big leagues.

After selling my tech baby, I joined Shopify and spent six years building business structures. At Coinbase, I’m now playing captain to a team crafting a platform for Canadians to dip their toes into the crypto pool.

CoinDesk: How long has Coinbase been operating in Canada, and what regulatory milestones have you achieved?

Lucas: We’ve been chillin’ in Canada for nearly four years, slowly working through our regulatory red tape. We’re currently registered as a restricted dealer—basically, the first international exchange able to play in Canada’s sandbox.

Thanks to our regulatory environment, we can bloom into our full selves—much like a spring flower, except with a lot more trading and a lot less pollen.

CoinDesk: Ethereum was born in Canada, yet most of its ecosystem developed elsewhere. Is there a certain irony in having to convince Canadian institutions to embrace a technology with Canadian roots?

Lucas: Oh, the irony! It’s like your mom refusing to eat your grandma’s famous recipe because it’s too traditional. We’re pushing for clarity across the globe and feel Canada is ready for that crypto embrace.

Let’s face it; Canada is the third most crypto-aware nation—right up there with the tech giants! We’ve got universities cranking out talented students eager to wrangle blockchain tech. It’s like a snowball rolling down a hill, and we’re just trying not to trip over our own feet.

CoinDesk: That’s fascinating about Canada being the third most crypto-aware country. How does that translate to adoption rates?

Lucas: Researchers are predicting that by year’s end, around 30% of Canadians will own digital assets. Picture a country turning into the world’s largest crypto club—not too shabby for a place where most of us have seen snow in July.

CoinDesk: Who are the Canadians using Coinbase? Is there a particular demographic profile?

Lucas: We’ve got a smorgasbord of users—from students to immigrants sending money home—and they’re all building their portfolios like it’s a DIY project. Institutional investors are hopping on the bandwagon too, no longer just sitting on the fence and watching the parade pass by.

CoinDesk: With Canada’s election approaching on April 28th, what policy changes would you like to see from the next government?

Lucas: We’ve rolled out an ambitious wish list for the new government to chew on. Here’s a taste:

  • Launch a government task force to create a national crypto strategy (because we love strategizing).
  • Consider a Bitcoin strategic reserve—imagine that on the new democratic agenda?
  • Regulate stablecoins federally—like trying to keep the very nature of money from wiggling away.
  • Introduce a clear market structure bill so we know what the heck we’re dealing with.
  • Encourage big banks to bank crypto trading platforms—this could be a revolutionary “let’s work together” moment.

CoinDesk: You’ve mentioned ‘Stand with Crypto’ as an advocacy initiative. How are you organizing the industry to influence policy in Canada?

Lucas: Stand with Crypto is a bit like a rallying cry, gathering crypto warriors to introduce new regulations. We want the policymakers to recognize the potential for crypto to revive our economy like a good cup of coffee after a long night out.

We’re aligned with key organizations like the Canadian Blockchain Consortium. Think of it as a superhero team-up, all of us fighting for clearer regulations and a prosperous crypto future.

CoinDesk: Decentralized exchanges are challenging centralized platforms like Coinbase in the US. How do you view this trend affecting your business in Canada?

Lucas: Decentralized finance is like that trendy new café that’s cropping up everywhere; it’s going to stay. While some like their coffee brewed fresh at a local DEX, many will still appreciate the cozy, consistent vibe of a centralized exchange. Comfort has its charms while we figure out how to share the digital playground.

CoinDesk: If you could say a few things to the upcoming administration, what would they be?

Lucas: The whole world is moving at breakneck speed to integrate crypto; let’s keep up! Canada can leap forward if we build a solid national strategy and help Canadians understand why we’re going digital.

CoinDesk: There seems to be a patriotic element to your advocacy. Do you see Canada becoming a global leader in crypto?

Lucas: Absolutely! Canada has the tools and the talent. We just need to harness this potential the way a good Canadian snow blower clears a path after a big storm—efficiently and with a touch of pride.

In this swirl of government expectations and tech innovation, it’s time for us to embrace technology and shed the old ways. After all, we’re on the brink of a revolution—a revolution fueled by the kind of determination usually reserved for winter-scale snow shoveling.

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2025-04-14 16:49