Coinbase Expands Services in Australia: A Crypto Revolution Down Under

Coinbase Enters the Australian Market

Coinbase, the United States-based crypto exchange, is making waves by launching its operations locally in Australia. This move is not just about adding another feather in its cap but is a strategic expansion as the company rolls out an array of services tailored for retail crypto traders.

The Local Advantage

Nana Murugesan, Coinbase’s VP of International and Business Development, shares his thoughts with Cointelegraph. He believes that building a solid foundation during bear markets has set them up for a thriving presence during bull runs. His optimism about the Australian market is evident as he mentions that local interest in cryptocurrency parallels, if not surpasses, that of the United States.

“Australia definitely punches way, way over its weight in the APAC region.” – Nana Murugesan

Building a Local Entity

Coinbase has established the Coinbase Australia Pty Ltd and has successfully registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services. This effort underlines the exchange’s commitment to meeting regulatory expectations.

Collaboration with Policymakers

Murugesan remarked on the open channels they’ve encountered within the government, even addressing the “tough questions” they faced regarding platform operations and token listings. The focus on thorough, technical inquiries by the treasury highlights Australia’s keen approach to cryptocurrency regulations.

Launching New Services

For Australian cryptocurrency traders, Coinbase is unveiling features like:

• Fast payments integrated with local bank accounts.
• Access to an advanced trading platform.
• 24/7 customer support via chat.

These services are just the beginning. Murugesan hinted that the door is wide open for additional institutional and developmental products in the pipeline.

Looking Ahead: Institutional Focus

While an exact timeline for institutional products remains under wraps, the interest from Australian institutions to operate locally is clear. Coinbase plans to dedicate resources to these products as they develop. This strategic pivot not only positions them as a key player in the market but also underscores their commitment to local institutions.

Education and Collaboration

On top of launching services, Coinbase is teaming up with educational institutions such as RMIT University’s Blockchain Innovation Hub to explore Web3 opportunities and enhance crypto literacy. The partnership also extends to creating relevant courses at the University of New South Wales, ensuring that local talent is well-equipped to thrive in the crypto domain.

Future Prospects

As Coinbase looks to deepen its roots in Asia, Murugesan views regulations as an enabler rather than a hindrance, especially in regions showing promise. With rising interest from G20 nations in crypto, it’s expected that Australia aims to take a leadership role in these discussions. As Murugesan aptly puts it, there’s significant enthusiasm among policymakers to spearhead transformative conversations about the future of finance.