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Coinbase, the largest cryptocurrency exchange in the USA, is planning to expand to Australia.
At this point, Coinbase plans to provide services targeting Australia's $600 billion retirement industry.
Speaking to Bloomberg, Coinbase Asia-Pacific General Manager John O'Loghlen stated that the $600 billion pension sector's demand for Bitcoin and cryptocurrencies is rapidly increasing.
Stating that, as Coinbase, they are not indifferent to this increasing demand, O'Loghlen said that the service is under development.
Referring to the latest data from the Australian Taxation Office, O'Loghlen said that self-managed superannuation funds in Australia have increasingly held cryptocurrencies since March 2019, and that according to the latest data, funds have invested approximately 1 billion Australian dollars (664 million US dollars) in crypto. He said that he invested in USD.
“At Coinbase, we are working on an offering that will provide a really good one-time service to our customers, allowing them to trade with us and stay with us.
“With our new work, self-managed super funds can make a single allocation, set it and then forget about it.”
*This is not investment advice.