Asian cryptocurrency exchange platform, KuCoin has invested nearly $3 million in Bitcoin Australia digital assets exchange, to enable the crypto trading firm expand operations to other parts of the world, while also assisting KuCoin in its bid to enter the Australian cryptospace, as first reported by local news source, Australian Financial Review on September 9, 2018.
Kucoin’s Strategic Alliance
Per sources close to the matter, Singapore-based international cryptoassets exchange, KuCoin has formed an alliance with Bitcoin Australia, investing roughly $3 million in the cryptocurrency trading platform.
The joint venture would assist KuCoin in setting up shop in Australia to enable it service institutional investors and Bitcoin Australia would pursue its ambition of international expansion.
The CEO of Bitcoin Australia, Rupert Hackett noted that the partnership between both firms is quite synergistic, as KuCoin is targeting sophisticated institutional investors in the region while Bitcoin Australia’s primary objective is to give the masses a frictionless cryptocurrency trading experience.
With a presence in a vast array of nations, offering crypto traders 300 different cryptoassets, KuCoin Cryptocurrency exchange is ranked 61ist in the world, with a twenty-four-hour trading volume of $10.24 million.
“It will effectively create an exchange for intermediate and advanced traders, while we have a mass market approach, making us quite synergistic, said Hackett, adding:
“We’ll build the consumer-friendly retail experience for people entering the market while supporting KuCoin for advanced traders.”
Founded in 2015 and currently covers three markets (Australia, Canada, and the Netherlands), the Bitcoin Australia team is looking to expand operations to 30 more regions in the next two years, starting with the UK.
Hackett reiterated that the favorable crypto regulations put in place by Australian Transaction Reports and Analysis Centre (AUSTRAC) are of utmost advantage to his firm as it would serve as a guide for the firm in international markets.
Hackett also stated categorically that Bitcoin Australia is working round the clock trying to create trust in its system and become a renowned bitcoin ambassador.
Amidst that backdrop, the platform is avoiding the controversial ICO route and is raising funds for expansion via traditional methods instead.
Australia Fast Becoming a Blockchain Technology and Cryptocurrency Hotbed
Despite the recent slump in the price of bitcoin and other cryptocurrencies, Australians have not given up on cryptoassets.
As previously reported by Blockchain Reporter on August 22, 2018, Australia’s Cointree exchange joined forces with Gobbil to allow users to pay bills with cryptos.
In related news, on September 8, 2018, Blockchain Reporter informed that the crypto market plunge has failed to discourage Aussies from investing in bitcoin and other digital assets as the percentage of Australians that hold cryptos has surged from a meager 5 percent in January 2018, to a whopping 13.5% in August 2018.