Coinbase, a cryptocurrency exchange based in the United States, has announced plans to expand its services in Australia. The company will launch a local entity and introduce a new range of services for retail crypto traders, with institutional products expected to follow in the near future.
Nana Murugesan, Coinbase’s vice president of international and business development, spoke to Cointelegraph about the expansion. He stated that the company’s strategy of building during bear markets has proven successful during the recent bull run. Murugesan expressed confidence in the Australian market, noting that the local awareness of crypto and its potential for the future of finance is on par or even better than in the United States and other markets.
Coinbase’s expansion in Australia began with the establishment of a localized infrastructure. This involved setting up a local entity, Coinbase Australia Pty Ltd, and obtaining registration to provide digital currency exchange services from the Australian Transaction Reports and Analysis Centre. Murugesan praised the cooperation received from policymakers in Canberra, although he acknowledged that the exchange faced challenging questions about its platform and token listings.
Initially, Coinbase will offer Australian crypto traders new features such as “fast payments” for local bank accounts, access to an advanced trading platform, and 24/7 chat support. This is seen as a first step towards launching the company’s full range of institutional and development products. While no specific timeline was provided, Murugesan stated that Coinbase will be focused on catering to Australian institutions in the coming months.
In addition to expanding its services, Coinbase will collaborate with RMIT University’s Blockchain Innovation Hub to explore opportunities in the Web3 sector in Australia. The company is also working with the University of New South Wales and other institutions to develop courses and support research programs related to blockchain technology.
Looking ahead, Murugesan mentioned that as Coinbase plans to expand further into Asia, it sees regulation as a business enabler. He explained that limited resources, especially during bear markets, make it important to focus on markets with clear regulatory frameworks. He highlighted the interest that G20 nations have in crypto and the role of blockchain and digital currencies in the future of finance. Murugesan expects the topic to be a major point of discussion among G20 member nations in the coming year.