Coinbase Officially Debuts in Australia Crypto and Blockchain Market
- The company has announced that the Aussie crypto traders will access its trading services via Coinbase Australia Pty Ltd, a locally incorporated entity.
- The company has invested in the Australian Web3 and crypto projects through Coinbase Ventures.
- Some of the cryptocurrency firms that Coinbase has invested in include ImmutableX, CoFiX, Synthetix, Block Earner, and CryptoTaxCalculator.
Coinbase Global Inc. (NASDAQ: COIN), an American publicly traded crypto company, has announced that it has opened its services to the Australian people. Coinbase is going for the fast-growing crypto community Down Under amid increased cryptocurrency and blockchain regulations worldwide.
Coinbase is ranked second after Binance by daily traded volume, mostly involving the Bitcoin derivatives pairs, according to market data provided by Coingecko.
The company’s entrance into the Australian market indicates that the cryptocurrency market has won the hearts of global regulators. Furthermore, the crypto and blockchain industry has employed thousands of people, promising an even better future.
“The arrival and availability of Coinbase in Australia is another significant step in Australia’s transition to a digital economy, to help consumers and businesses realise the opportunities that cryptocurrencies and Web3 technologies can bring,” said RMIT Blockchain Innovation Hub co-director Distinguished Professor Jason Potts.
Bigger Picture on Coinbase Debut in Aussie
The cryptocurrency market is developing after experiencing a boom in 2020 and 2021. Analysts forecast that the ongoing crypto bear market will persist until late 2024, the year when Bitcoin halving occurs. Furthermore, the last three crypto bull market waves happened after the Bitcoin halving event.
While smart money continues to enter the crypto industry during the bear market, the United States, through the Biden administration, has vowed to help its crypto companies thrive worldwide.
In a recent White House crypto briefing paper, the Biden administration noted that it is working on harnessing the blockchain technology prowess. As such, it is not coincident that Coinbase gained regulatory approval in Australia just a few weeks after the White House announcement.
Coinbase is, however, no new thing to the Australian cryptocurrency industry. The company has invested in the Australian Web3 and crypto projects through Coinbase Ventures. Some of the cryptocurrency firms that Coinbase has invested in include ImmutableX, CoFiX, Synthetix, Block Earner, and CryptoTaxCalculator.
Otherwise, the Australian Web3 industry has benefited from Coinbase’s vast technology. The company has announced that the Aussie crypto traders will access its trading services via Coinbase Australia Pty Ltd, a locally incorporated entity.
Coinbase has announced that it obtained registration and enrollment with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services effectively.
The Australian cryptocurrency market has been hot to global investors due to the country’s friendly policies. Additionally, the government has shown significant gains in securing the cryptocurrency market from its end.
Remember, the country, through its Central Bank, recently announced the launch of its Australian digital dollar dubbed eAUD.
Meanwhile, Coinbase takes pride in over 103 million verified users from 100+ countries worldwide. Notably, the company reported a quarterly traded cryptocurrency volume of $217 billion.
Despite the positive news, COIN stock closed Wednesday trading at $72.97, down approximately 2.5 per cent. With a market capitalisation of approximately $16.77 billion, Coinbase has lost around 70 per cent of its market value in the last year.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
