Coinbase, a cryptocurrency exchange based in the United States, has announced plans to expand its services in Australia. The company will establish a local entity and introduce a range of new services for retail crypto traders, with plans to offer institutional products in the near future.
Nana Murugesan, the Vice President of International and Business Development at Coinbase, expressed confidence in the Australian market, stating that the country’s awareness of and belief in the future of cryptocurrency is on par, if not better, than that of the United States and other markets. He noted that Coinbase’s success during bear markets has paved the way for its growth during the recent bull run.
To establish a presence in Australia, Coinbase has built a localized infrastructure, including a new entity called Coinbase Australia Pty Ltd. The exchange has also obtained registration to provide digital currency exchange services from the Australian Transaction Reports and Analysis Centre, the country’s financial intelligence agency. Murugesan praised the cooperation received from policymakers in Canberra, despite facing challenging questions about the platform and token listings.
Initially, Coinbase will offer Australian traders new features such as “fast payments” to local bank accounts, access to an advanced trading platform, and 24/7 chat support. These services will serve as a stepping stone for the company to introduce its full range of institutional and development products. While no specific timeline was provided, Murugesan stated that Coinbase is focused on meeting the needs of Australian institutions in the coming months.
Coinbase has also planned collaborations with leading educational institutions in Australia to explore opportunities in the Web3 space. It will work with RMIT University’s Blockchain Innovation Hub and other universities to develop courses and support research programs related to blockchain technology.
Looking ahead, Coinbase intends to expand further into Asia. Murugesan believes that clear regulation is essential for business growth, especially during bear markets when resources are limited. Therefore, the company is likely to prioritize markets with regulatory clarity. He also highlighted the strong interest in cryptocurrencies among G20 nations and expects it to be a prominent topic in discussions among member nations next year.