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Coinbase is Preparing to Make Significant Moves in Australia with $600 Billion in Funds
Exciting news from the world of cryptocurrency as Coinbase Global Inc., the American exchange, sets its sights on Australia’s booming self-managed pension sector valued at a whopping $600 billion and growing. To meet the increasing demand, the United States Exchange is gearing up to launch a tailored service for this niche.
Coinbase’s Journey into the Aussie Crypto Market
John O’Loghlen, Coinbase’s Asia Pacific Managing Director, confirmed the ongoing development of this specialized service. Interestingly, a recent report from the Australian Taxation Office indicates that digital assets make up a significant portion of Australia’s pension system, amounting to A$1 billion, which is approximately $664 million.
The potential surge in Bitcoin’s value, coupled with increasing inflows, could propel the crypto assets held within self-managed pension funds to new heights. On the other hand, Australian institutional investors have stayed away from crypto assets due to concerns surrounding volatility and past scandals.
According to a statement by the Coinbase executive, “Self-managed super funds might just make a single allocation and set it and forget it.
We are committed to offering a service that caters specifically to these clients, ensuring they trade with us and remain with us,” he added.
Following the green light from the United States Securities and Exchange Commission (SEC) for trading spot Bitcoin ETFs on major investment platforms, the crypto ecosystem experienced a significant boost. By March, several cryptocurrencies hit record-breaking levels, with Bitcoin soaring to an all-time high (ATH) above $73,000.
Potential Launch of Spot Crypto ETFs in Australia
After the successful rollout in the U.S., other regions are showing interest in similar offerings. Hong Kong recently entered the scene by introducing spot Bitcoin and Ethereum ETF products.
It is anticipated that Australia will follow suit by the end of 2024, with companies like Van Eck Associates Corp. and BetaShares Holdings Pty gearing up to offer similar products. However, the challenge lies in overcoming the region’s apprehensions about the risks associated with crypto investment.
Aside from Coinbase’s strategic plans, Michael Houlihan, a private wealth management expert, has cautioned investors against diving headfirst into an asset class known for its high risks. Despite his warnings, many firms, including Wells Fargo, have joined the trend of acquiring more crypto assets.
Interested in more Crypto News? Check out how Whales are buying 720 Billion Pepe Coin as the PEPE Price Rally soars by over 100%!
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