Coinbase expands its services in Australia via 2 new crypto features

US-based cryptocurrency exchange – Coinbase – has announced that it will strengthen its presence in Australia, giving locals an “easier and safer” option to enter the digital asset industry.

The company described “The Land Down Under” as a “hotbed of fintech innovation.”

More crypto options for Aussies

In a recent announcement, Nana Murugesan – CEO of Coinbase – claimed that Australians are among the early adopters of digital assets and “savvy investors”. As such, the exchange introduced a variety of crypto offerings to these residents.

First, Coinbase launched PayID – a feature that allows Aussies to top up their accounts using direct Australian dollar transfers.

Second, the firm released Retail Advanced Trading to local clients, which means they can access low-volume pricing instruments with one unified balance sheet. Australians will also rely on 24/7 customer support for any issues when using the platform.

“At Coinbase, we believe that promoting access to crypto and Web3 will promote financial freedom around the world,” Murugesan said.

The executive further outlined that Coinbase is an advocate for cryptocurrency regulations and has been working with Australian financial watchdogs before introducing the offerings:

“In Australia, we have incorporated Coinbase as a local entity (Coinbase Australia Pty Ltd) and obtained registration and enrollment with the Australian Transaction Reports and Analysis Center (AUSTRAC) to provide digital currency exchange services. We believe Australia is well positioned to lead the world in its approach to crypto.”

Jason Potts spoke about the latest updates – Co-Director of the Blockchain Innovation Hub at RMIT. He believes Coinbase’s presence in Australia is a significant step in the country’s transition to a digital economy.

Australia puts crypto on its agenda

The global macroeconomic events resulted in a change in Australia’s governing body. Earlier this year, the Labor Party won the federal election, while its leader Anthony Albanese became the country’s new prime minister.

Once elected, he promised to focus on three main issues: fighting climate change, reducing the cost of living and applying comprehensive regulations to the cryptocurrency sector.

A few months later, Labor showed intentions to find out which are the most popular digital assets among domestic consumers and regulate them. Known as “token mapping”, the results are expected before the end of 2022.

Last but not least, the Australian Federal Police created a cryptocurrency unit that aims to detect criminals using digital assets in their illegal business. The agency’s goal is to curb more than $400 million in proceeds of crime by the end of fiscal year 2024.