Coinbase APAC MD asserts Australia’s potential crypto unicorns are yet to emerge

Australia is on the verge of witnessing the emergence of billion-dollar crypto startups, commonly known as “unicorns,” but this can only happen once there is more regulatory clarity surrounding cryptocurrencies, according to John O’Loghlen, the APAC managing director of Coinbase. O’Loghlen expressed his belief that policymakers and large institutional players in Australia have not fully grasped the extent of the country’s potential in terms of human capital. While he acknowledged some regulatory progress, such as the Treasury’s consultation paper in October 2023 and a meeting with policymakers at the Blockchain APAC Summit in March, he argued that it is still not keeping pace with the increasing demand for crypto from both retail and institutional investors. A survey conducted by Australian crypto exchange Independent Reserve in 2024 revealed that 27.5% of Australians, equivalent to 7.15 million people, currently own cryptocurrency. The survey also found that 35% of Australian crypto investors invest around $500 per month in digital assets. O’Loghlen highlighted the rising demand for stablecoins, digital remittances, and other capital-efficient applications of crypto in the Australian fintech industry as fertile ground for the emergence of the next billion-dollar crypto company. He mentioned companies like Canva, Xero, Atlassian, and Afterpay as examples of successful Australian companies with multibillion-dollar valuations. O’Loghlen also observed a significant increase in demand for crypto products from two specific groups: self-managed retirement funds divesting into crypto and “HENRYs,” which stands for “High Earners Not Rich Yet.” These are working professionals with good earning potential who are taking the time to educate themselves about crypto. Looking ahead, O’Loghlen revealed that Coinbase plans to expand its Stand with Crypto campaign to Australia later this year. The campaign aims to help regulators and policymakers understand the benefits of cryptocurrency by hosting events with senior leadership from Coinbase. O’Loghlen emphasized the importance of showcasing real use cases of crypto for entrepreneurs and founders who are utilizing it for saving and utility. His comments align with those of Kraken Australia’s Managing Director Johnathon Miller, who also believes that the current market conditions in Australia represent a turning point for cryptocurrencies.