Coinbase expands operations to Australia, focuses on institutional investors , Coinbase to Offer Crypto Services in Australia
Australian Institutional Investors
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Coinbase expands operations to Australia,focuses on institutional investors , Coinbase to Offer Crypto Services inAustralia
US-basedcrypto exchangefirm, Coinbase has expanded its services to Australia. Thecompany plans to develop a local entity in the region and provide variousservices to retail investors, focusing on institutional investors in thelong run.
Coinbaseto Offer Crypto Services in Australia
The cryptomarket has been in a steady decline since the beginning of the year. However,various firms have ignored the fall in prices and are focusing on expansion andgrowth. Well-known US-based crypto firm, Coinbase is among thefirms that were building during the bearish market. The company's VP forinternational and business development Nana Murugesan said the exchange islaunching local entities in various regions.
Speaking inan interview, Murugesan said that Coinbase is looking to expand its presence inAustralia. The firm wants to offer new and better services to crypto traders.New services include faster payment methods, round-the-clock chat support, andadvanced trading features for local bank users. Meanwhile, the VP said that theexchange will currently limit its services to retail investors.
However, thefirm will launch various institutional products for institutional investors inthe future. In addition, Murugesan talked about how the firm started its expansioninto Australia.
WhyAustralia?
Theexecutive stated that Coinbase Australia Pty Ltd started the wholeprocess. He said Coinbase's main focus was to establish a local entity inAustralia. Australia outperforms other entities in the APAC region in terms ofrevenue contribution. He said that the company is looking forward to launch itsservices in this area.
Coinbaseis facing severe scrutiny in Australia Recently
Australiadecided to adopt a token mapping initiative regarding the crypto sector.The proposal gained wide acceptance and praise in the crypto community.Talking about the token mapping scheme, Murugesan appreciated the initiative.
"Theexchange is receiving several technical questions from the Australian Treasuryand other government departments. This is due to the country's token mappinginitiative." Henoted that the deep technical questions the firm is facing in Australia aretougher than what it has faced in other regions. The Coinbase executive alsomentioned that it had to answer "difficult questions"regarding its services and token listings. Meanwhile, it is worthy to say thatCoinbase has been planning to expand its operation to Asia.
Coinbase has established a new entity in Australia, which will serve to broaden its services to retail individuals, but it is also planning to attract institutional investors in the future.