Coinbase to build its presence in Australia via 2 new crypto features
- Coinbase, a crypto exchange platform from America, has published that it will build its presence in Australia, giving locals a simple and protected option to put their food in the digital asset industry.
- The company billed “The Land Down Under” as a “hotbed of fintech revolution.”
Nana Murugesan, the CEO of Coinbase has recently announced and claimed that the people of Australia are one of the early adopters of digital assets as well as savvy investors. As a result, the platform launched several different crypto offerings to the natives.
First, Coinbase introduced PayID, an option that allows Australians to top up their accounts using direct Australian dollar transfers.
Second, the company issued Retail Advanced Trading to natives, which means they can use low-volume pricing equipment with one unified balance sheet. Aussies will also rely on 24/7 customer support for any issues that arise while using the exchange.
“At Coinbase, we believe that permitting crypto and Web3 will advance financial freedom around the world.” Murugesan stated.
He also highlighted that Coinbase is a supporter of cryptocurrency laws and has partnered with Australia’s financial regulator before making the proposals:
“In Australia, we have integrated Coinbase as a regional body and are registered and registered by the Australian Transaction Reports and Analysis Center (AUSTRAC) to provide virtual currency exchange services. We trust that the country is well established to become a world leader in crypto.”
Jason Potts, co-director of the Blockchain Innovation Hub at RMIT, spoke about new updates. He believes Coinbase’s existence in Australia is an important move in Australia’s transition to a virtual economy.
Australia and crypto
The global economic events were one reason for the change in Australia’s governing body. This year, the Labor Party was the winner of the federal election, and Anthony Albanese became the country’s new Prime Minister.
After the election, he asked to concentrate on three big problems: grappling with climate change, minimizing the cost of living and introducing comprehensive regulations for the crypto industry.
After a few months, the Labor Party showed intentions to determine the most familiar digital assets among domestic consumers and control them. Named as “token mapping,” the results are expected before the end of this year.
Finally, the Australian Federal Police created a crypto unit. The device’s main function is to recognize criminals who use digital assets in their illegal activities.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
