One Coffee: Lucas Matheson, CEO of Coinbase Canada
By: Sarah Crabbe, President
I had the pleasure of sitting down with CEO of Coinbase Canada, Lucas Matheson, to talk about how things are going one year after the brand’s launch in Canada, marketing in a challenging space, what’s keeping him up at night and leadership lessons we can all learn from.
In August, 2023 Coinbase Canada burst onto the Canadian financial scene, heralding a new age of financial freedom and growth for both Canada and Canadians. For those who may not be familiar, Coinbase is a cryptocurrency exchange platform with a mission to create an open financial system for the world.
For many Canadians, this feels like a pivot. Our financial system has largely been governed by highly-regulated, big banks. We are financially conservative and naturally skeptical. Which makes Coinbase’s progress in the past year even more remarkable.
SC: We’re almost exactly one year from launch so, let’s start with how this first year has been for you at the helm of Coinbase Canada?
LM: This has been a tremendously exciting year. We’re at the start of something very special that, I believe, is going to transform the world - and that’s exactly why I joined Coinbase. Our goal is to make a profound impact on the lives of everyday Canadians by helping them access the digital ecosystem. It’s a privilege and something I don’t take lightly.
SC: Coinbase is a disruptor in a naturally disruptive industry. Talk to me about how you have gone about shaping the brand perception here in Canada and how you build trust when entering a new market.
LM: Trust is something that is earned, and over the last decade Coinbase has worked hard to build and grow trust around the world. From something as simple as making the user experience as easy as possible, through to attracting the right investors, to ensuring that we are SEC compliant and reviewed by the highest securities authorities in the world - every decision we make is rooted in building and growing trust with our users.
SC: And how does that play out in Canada?
LM: Our goal in launching in Canada was and is to help Canadians understand that it is OK to have financial relationships with more than one institution. We want Canadians to know that Coinbase is a brand they can trust to build a financial relationship with, and we are here to help them create and grow their own wealth and build financial freedom.
SC: Talk to me a bit more about that notion of financial freedom. It’s something that is heavily biased here in Canada toward traditional financial institutions. How does Coinbase approach this from a marketing perspective, particularly in light of creating an open financial system for the world?
LM: It’s a challenge but one we continue to be up for. In Canada, many people feel like what they have is good enough. From their financial partners, to the tools they use to manage their finances. But we want Canadians to know that good enough simply isn’t good enough. Canadians are some of the most crypto savvy adopters globally and we deserve access to the best technology like everyone else. It’s a hard one because traditionally, Canada lags behind other OECD countries when it comes to the adoption and use of technology.
From a marketing perspective, we’re really focused on educating Canadians and breaking down misconceptions. Many folks think of crypto as a short term retail investment, but it’s more so infrastructure that powers a financial system to manage and grow your wealth long term.
SC: Have you been surprised about the market reaction to Coinbase’s launch in Canada?
LM: We have a unique position here due to our proximity to the United States, so our brand benefitted from pre-launch awareness due to spill over and because our brand is so well known and respected in the US. The bigger challenge has been helping Canadians understand not simply what we’re trying to do here, but our greater goal for Coinbase around the world.
We want people around the globe to understand that there is a new version to the story of money. The story that we’ve been told all our lives about what money is, what it does and how we use it, is evolving. It’s a story that is thousands of years old, and it won’t change overnight. But we need people to know that money today is about equality, equity, freedom and transparency. We have the right to full knowledge of what happens with our money when it comes to fees, who is holding our money, where it’s going and how it works for us. That’s a big job but one that is easily made clear when you think about the massive global infrastructure and transparency we’re providing to our users.
The outcome is incredibly powerful and can help people build and shape their future in new ways.
SC: When thinking ahead into year two and beyond, what trends are you tracking that have an impact on both you - your leadership - and the business itself.
LM: When it comes to leadership, I see so much alignment with what’s happening in the crypto space right now. It’s all about the decentralization of power. Over the last hundred years, as we’ve industrialized - power, money, data, and decision making were highly centralized around one person, likely a white man. This playbook isn’t competitive anymore. I expect the systems and businesses that succeed going forward will decentralize decision making and power.
As a leader, we need to think about how do you decentralize power in your leadership team and build trust? It comes down to decision making. If success is maximizing the number of good decisions that you make each and every day, how do you build a culture aligned on principles of good decision making? How do you make and encourage others to make good decisions? And how do you balance quality and speed?
SC: We’re going to wrap-up with a few rapid-fire questions. First, how would you describe your leadership style?
LM: In one word - empowering. I want to eliminate barriers to success. Excuses are just opportunities to solve a problem. If I can empower people to be the best they can be in their job that means they are making more decisions, they feel empowered to make those decisions. They are more confident, can move faster and, ultimately, everyone benefits.
SC: Tell me about a brand whose marketing you love, and why?
LM: The brand that immediately comes to mind is a Swedish athletic gear company called POC. From the products they make to the way they present themselves, it is a brand that knows who they are. They are simple but great.
SC: What keeps you up at night?
LM: Thinking about Canada’s strategy to incorporate and adopt digital assets. As a country we continue to struggle economically. Canadians don’t like to talk about it, however we're the least productive advanced economy in the OECD right now, and that’s expected to continue for the next three generations. I worry that Canada won’t adopt technology fast enough to make an impact. If, as a country, we can start spending less and focus on creating innovation and opportunities I believe there is a real chance for success - and crypto has a huge role to play in that type of growth.
SC: What’s one lesson that you’ve learned in the past year at Coinbase that you’d like to share with our readers?
LM: One of the wonderful concepts I’ve embraced since starting at Coinbase is the notion of The Directly Responsible Individual. This goes back to what I was talking about when it comes to decision making, which companies often struggle with. At Coinbase we strive to identify a single person who is responsible for any given decision. In doing so we know who is accountable, who has the authority on this decision and it helps us execute as quickly and efficiently as possible.
My goal at the end of next year is to look back and to see that every single person at Coinbase is better at making decisions than they are today. That’s the success I want to see in our team and it’s going to lead to even more success for our business.
