Coinbase Stock Is Rising Thursday: What's Going On?

Coinbase Global Inc COIN shares are trading higher Thursday. Here’s a look at what’s going on.

What To Know: Coinbase shares appear to be getting a lift from new reports indicating the company has secured a restricted dealer license in Canada.

Coinbase reportedly told CNBC that it has been granted a registration license in Canada and has been registered in Ontario as a restricted dealer under the Canadian Securities Administrators (CSA).

The authorization means the company now meets the strict requirements of Canadian regulators and can operate legally in the country. Coinbase reportedly said it is the first international crypto exchange to receive restricted dealer registration in Canada.

"It's something we've been working on for almost three years here in Canada, and more specifically with the Ontario Securities Commission over the last 12 months," Lucas Matheson, Coinbase's country director for Canada, told CNBC. 

Matheson also noted that Coinbase has been working with regulators over the last year on building a compliant platform that it can offer to Canadians. The Coinbase director also told CNBC that the regulatory environment in Canada has been more accommodating for crypto platforms than the U.S.

Matheson highlighted the “sizable” market opportunity in Canada and noted that the company has already built a strong customer base of clients in the country who trust the platform.

"Our registration in Canada makes us the first international and largest cryptocurrency exchange that's registered in Canada. That positions us really well to help millions of Canadians access the digital economy,” Matheson added.

Coinbase shares may also be getting a lift from crypto markets Thursday morning. Bitcoin was up more than 1.4% over a 24-hour period, hovering around $66,800 at publication time. Several other cryptocurrencies were also moving higher at last check, per Benzinga Pro.

Check This Out: Bitcoin Spot ETFs Notch $113M Net Inflows On Wednesday, Grayscale Outflows Continue

COIN Price Action: Coinbase shares were up 3.45% at $260.25 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Coinbase.