600 Billion Dollar Move from Bitcoin Exchange Coinbase to Enter Australian Retirement Industry!
Coinbase, the leading cryptocurrency exchange in the USA, has announced its plans to expand its operations to Australia. In a bid to tap into Australia’s massive $600 billion retirement industry, Coinbase aims to provide tailored services to cater to the increasing demand for Bitcoin and other cryptocurrencies in the pension sector.
According to Coinbase Asia-Pacific General Manager John O’Loghlen, the pension industry’s interest in cryptocurrencies has been growing rapidly. Recognizing this trend, Coinbase is actively developing a service to meet the needs of Australian retirees.
O’Loghlen highlighted the rise in cryptocurrency holdings among self-managed superannuation funds (SMSFs) in Australia since March 2019. Citing data from the Australian Taxation Office, he stated that these funds have invested around 1 billion Australian dollars (equivalent to 664 million US dollars) in crypto, denominated in USD.
“At Coinbase, we are committed to offering our customers a seamless and reliable trading experience,” O’Loghlen revealed in an interview with Bloomberg. “Our upcoming offering will allow self-managed superannuation funds to make a one-time allocation, ensuring convenience and ease of use.”
With Coinbase’s entry into the Australian market, retirees will have the opportunity to diversify their investment portfolios by including cryptocurrencies. However, it is important to note that this information is not to be considered as investment advice.
Overall, Coinbase’s move to expand into Australia’s retirement industry marks a significant development in the cryptocurrency space, potentially paving the way for further adoption and integration of digital assets into traditional financial sectors.