Coinbase, a cryptocurrency exchange based in the United States, has announced its plans to expand its services in Australia. The company will launch a local entity and introduce an updated suite of services for retail crypto traders. This move suggests that Coinbase will soon offer institutional products as well.
Nana Murugesan, the Vice President of International and Business Development at Coinbase, spoke to Cointelegraph and expressed his confidence in the Australian market. He believes that the local awareness of crypto and the perception of it as the future of finance are on par, if not better, compared to the United States and other markets.
According to Murugesan, the expansion in Australia began with the establishment of a localized infrastructure. This includes the creation of a local entity called Coinbase Australia Pty Ltd and obtaining registration from the Australian Transaction Reports and Analysis Centre, the country’s financial intelligence agency. Murugesan commended the support received from policymakers in Canberra, despite facing tough questions about the platform and token listings.
Initially, Coinbase will provide Australian crypto traders with new “fast payments” for local bank accounts, access to its advanced trading platform, and 24/7 chat support. Murugesan believes that these services will pave the way for the launch of their full range of institutional and development products. Although he did not provide a specific timeline, Murugesan stated that Coinbase will be heavily focused on serving institutions in the coming months, as Australian institutions prefer to conduct their business locally.
In addition to expanding its services, Coinbase will collaborate with RMIT University’s Blockchain Innovation Hub to explore Web3 opportunities in Australia. The company is also working with the University of New South Wales and other institutions to develop courses and research programs related to blockchain technology.
Murugesan mentioned that Coinbase is looking to expand further into Asia and considers regulation as a business enabler, particularly during bear markets when resources are limited. He expressed a preference for markets with clear crypto policies, implying that Coinbase will prioritize such markets in its expansion plans.
He also highlighted the interest shown by G20 nations in cryptocurrencies and emphasized the role of blockchain and digital currencies in the future of finance. Murugesan expects crypto to be a hot topic among G20 member nations next year.