After a lot of hurdles on the road, Coinbase is actively expanding its sector across the world. From adding more innovative integrations to the platform to expanding its offerings, Coinbase is looking to reap the rewards from the crypto winter this year. Today, the United States-based cryptocurrency exchange giant Coinbase announced the launch of a product line with an updated pack of services for retail crypto traders, including institutional products.
Coinbase Begins Australia-Focused Chapter
The bear market has barred many crypto exchanges from expanding their offerings. However, Coinbase looks this crypto winter to be beneficial in the future as the firm now seeks to venture into the Australian crypto space with new offerings and products for crypto traders and institutions. The Vice President of international and business development at Coinbase, Nana Murugesan, confirmed that the firm is now looking to explore the Australian crypto industry by rolling out these products.
He believes these offerings launched during the bear market would enable the firm to skyrocket in a bull run. In a recent interview, Murugesan highlighted to Coinbase that the firm would make a dominant presence in Australia by offering better crypto services for retail traders, including quick payment solutions for local banks with 24/7 live chat and an advanced crypto trading infrastructure. Users will now be able to buy, sell, and trade crypto assets with AUD deposits via payID support. According to him, these services will be limited to retail investors for now but will soon be available in the future with a full range of institutional and development products.
Reason Behind Choosing Australia
Murugesan hinted that this step came up with Australia Pty Ltd. Coinbase is now focused on localizing the crypto setup in Australia and garnering a green signal to run crypto operations in the country from the Australian Transaction Reports and Analysis Centre [AUSTRAC].
Murugesan is also positive about the awareness of the crypto space in Australia as it is far better than the US and other markets. In addition to this, he claimed that a wide range of crypto influencers viewed crypto as the future of finance. He stated, “Australia definitely punches way, way over its weight in the APAC region, certainly at a global level too and from a revenue contribution standpoint, I feel pretty good about what it’s going to do.”
Recently, Australia’s token mapping initiative attracted the attention of the crypto community and gained a lot of appreciation. He added, “Given the token mapping exercise that’s going on, there are a lot of technical questions that we are getting from the Treasury and other departments […] deep technical questions is another thing that we are seeing in Australia at a level deeper than some other countries.”
Coinbase has received tough questions regarding its token listing and platform. However, Murugesan stated, “We have been very impressed with the open door that we have received in Canberra and with different policy makers.”
The firm has not revealed any specific date yet for the launch of the products and offerings. The exchange is also looking to partner with RMIT University’s Blockchain Innovation Hub to spread Web3 adoption in the country. Coinbase will soon aim for an expansion in Asia during this crypto winter.