Coinbase Adds Elon Musk's Alumni to Board Amid Canada Expansion

Coinbase ) added Anthony Armstrong, former Chief Financial Officer of xAI and X, to its board of directors Wednesday while launching regulated crypto derivatives trading in Canada.Why Coinbase Hired Elon Musk’s Former CFOAccording to a Coinbase blog post, Armstrong brings a combination of Wall Street, government, and frontier technology experience that Coinbase called a natural fit for where the company is headed.He spent nearly a decade at Morgan Stanley building its global technology M&A practice before joining the Department of Government Efficiency as a Senior Advisor in the Executive Office of the President.Most recently he served as CFO across Elon Musk’s companies including xAI, X.AI Corp., and X Corp., overseeing financial operations across some of the most closely watched technology companies in the world.Coinbase cited his focus on efficient execution and doing more with less as the core reason for the appointment, noting those principles align directly with how the company operates internally.Coinbase Becomes First Major Crypto Platform to Offer Futures in CanadaAs cited by Cointelegraph, Coinbase launched crypto derivatives trading in Canada through Coinbase Financial Markets, a CFTC-registered futures commission merchant operating in Canada under foreign dealer exemptions.The offering covers 23 crypto perpetual and dated futures across Bitcoin , Ethereum , Solana and other assets, alongside five commodity futures and the Coinbase 50 Index.That makes Coinbase the first major crypto-native platform to offer direct native crypto futures in Canada.Access is limited to eligible Canadian customers with at least $5 million in net financial assets, or registered investment advisers and dealers. Contracts use nano-sized positions with leverage up to 10x.Why Every Major U.S. Trading Platform Is Racing Into CanadaCrypto ownership in Canada has climbed from 10% in 2023 to 25% this year according to Ontario Securities Commission research, drawing a wave of US platforms into the market.Webull expanded crypto trading to Canadian customers Monday using Coinbase’s own infrastructure for trading and custody.Meanwhile, Robinhood (NASDAQ:HOOD) entered Canada in June through its $180 million acquisition of WonderFi, picking up exchanges Bitbuy and Coinsquare alongside roughly 300,000 funded customers.COIN Price Prediction: Technical Analysis.benzinga-widget#bz-embed-widget-block_edd6684fc15652649acee45d083d7393 iframe.w-full {width: 100%; }COIN climbed over 1% in premarket Thursday, pushing back toward the eight-month descending trendline from the January highs near $198 that has rejected every prior rally attempt.A clean break and hold above $178.72 would mark the first real crack in that downtrend.Key levels for COIN:$179 — recent high, trendline resistance$174 — 100-day EMA, first support belowImage: Shutterstock