Coinbase expands to Australia with focus on institutions in 'months to come’
United States-based cryptocurrency exchange Coinbase will expand its services in Australia, launching a local entity and an updated suite of services for retail crypto traders, hinting that institutional products are soon to follow.
Speaking to Cointelegraph, Nana Murugesan, Coinbase’s VP of international and business development, said building during bear markets has “paid off big time during the bull run” and he’s confident in what he sees in the local market.
The “baseline signals” Murugesan explains such as the local awareness of crypto and people who view it as the future of finance are “kind of on par or even better” in Australia compared to the U.S. and other markets.
Murugesan explains it started with building a localized infrastructure, incorporating a local entity, Coinbase Australia Pty Ltd, and obtaining registration to provide digital currency exchange services with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency.
“We've been very impressed with the open door that we’ve received in Canberra and with different policymakers,” Murugesan says, adding the exchange has received “tough questions” regarding its platform and token listings.
Initially, Coinbase is providing Australian crypto traders with new “fast payments” for local bank accounts, access to its advance trading platform and 24/7 chat support which Murugesan says “opens the door” for the company to launch its full range of institutional and development products.
While he didn’t have a specific timeline on when the products will become available, Murugesan added he knows Australian institutions will want to “do everything locally” and added that Coinbase will be “very much focused on institutions”
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