NewsBusiness

Coinbase Incorporates in Australia, Expands Offerings for Retail Customers

Cryptocurrency exchange Coinbase is expanding its services in Australia, which it described as “a hotbed of fintech innovation.”

2 min read
Bitcoin in Australia. Image: Shutterstock

America’s largest crypto exchange Coinbase has announced the expansion of its services to retail customers in Australia, making it easier to buy, sell, and trade digital assets.

Coinbase, which first entered the Australian market in 2016, allowing local customers to buy Bitcoin and Ethereum, said it will be introducing PayID as a way for Australians to deposit funds using direct transfers from their bank accounts.

PayID is a payments infrastructure built by the Australian financial services sector and the Reserve Bank of Australia, which allows people to link a mobile number or an email address to a bank account to receive payments.

Additionally, Coinbase is rolling out Retail Advanced Trading—a new tool that will give Australian-registered customers access to powerful trading tools with one unified balance, as well as 24/7 chat support.

“Aussies were some of the world's earliest adopters of digital currencies, and they are savvy investors," the exchange said in a blog post. "We know this because Coinbase was one of the first platforms Australians trusted with their crypto investments. Now, we want to elevate their experience using Coinbase.”

According to the exchange, “Australia is a hotbed of fintech innovation,” so the company “looked hard” to better understand the market.

Coinbase launches Australian entity

To support its presence Down Under, Coinbase said it has incorporated a local entity (Coinbase Australia Pty Ltd) and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services.

“At Coinbase, we believe in collaborating with governments on initiatives related to blockchain technologies, Web3, and digital assets,” said the exchange, adding that it prioritized regulatory compliance “from the earliest days of the company.”

Coinbase will also collaborate with RMIT University’s Blockchain Innovation Hub on research about Web3 and the future of finance in Australia.

Earlier this year, Commonwealth Bank (CommBank), Australia’s largest bank, paused the launch of its crypto trading service for an indefinite period, citing the market’s volatility and the need for the “appropriate” regulatory framework.

Stay on top of crypto news, get daily updates in your inbox.