Coinbase, one of the largest cryptocurrency exchanges in the United States has extended its jurisdiction to another country. The exchange is aiming to expand its services to Australia.
Coinbase Goes to Australia
The third-largest cryptocurrency exchange in the world by trading volume is eager to grow its business outside of the United States.
For this purpose, the exchange has targeted yet another country outside of American soil. This time, the exchange has expanded its services to the cryptocurrency community in Australia.
The exchange officials have confirmed that they wanted to gain exposure in the Australian cryptocurrency market. Now, they have fulfilled their goal and want to do more than just offer crypto services to individual investors.
Coinbase to Offer Institutional Products
The exchange officials have confirmed that they do not want to stick with providing cryptocurrency investors with basic products. Instead, they want to offer them much more than common products.
The exchange is determined to expand its product portfolio beyond the individual trading products provisioning. It has hinted that it wants to offer trading services and products to retail traders wanting to gain exposure to cryptocurrencies.
It is a strong indication that the exchange is after institutional exposure in the target. With a major plan in mind, the exchange is ought to offer a wide range of products to the cryptocurrency traders’ community in the country.
It is a hint that once the exchange has built enough individual investor base in Australia, it would expand its provisioning to institutional investors.
Coinbase to Operate with a Local Entity
The executives have confirmed they will be opening up a local entity in the country to operate as a subsidiary of Coinbase. The subsidiary will be offering cryptocurrency services and products to the locals adhering to the regulatory guidelines provided by the Australian regulators.
Nana Murugesan, the Vice President at Coinbase was delighted to share the news of Coinbase opening up in Australia.
As per his statement, the bearish market has always been the best opportunity for trading businesses to grow. They are glad that they had the opportunity to launch their exchange in a country that has a high population.
He added that in the past couple of years, Australia’s crypto adoption rate has continued to grow despite the market downfalls. It is a strong indicator that the people of Australia like the taste of cryptocurrencies.
If it is people who want cryptocurrencies, then retailers and institutions would want them as well. They are glad they have hit a jackpot with Australia as they will have so much to offer and gain from the country.