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30 May 2024
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Coinbase to Enter Australia’s Pension Sector with Crypto Offerings

Coinbase to Enter Australia's Pension Sector with Crypto Offerings

  • Coinbase plans to launch a customized crypto service for Australia’s self-managed pensions.
  • Pensions in Australia have invested nearly AU$1 billion in digital assets, marking a significant rise.

Coinbase, a leading cryptocurrency exchange, is gearing up to introduce a specialized service aimed at Australia’s self-managed pension sector, according to insights shared by John O’Loghlen, the Managing Director for the Asia-Pacific region at Coinbase, says Bloomberg.

The move comes as self-managed superannuation funds in Australia have increasingly shown interest in cryptocurrencies since March 2019. Recent data from the Australian Taxation Office reveals that these funds have allocated nearly AU$1 billion ($664 million) towards digital assets, marking a significant surge from just AU$197 million recorded in December 2019.

The trend is influenced by various factors, including the anticipation surrounding the approval of spot exchange-traded funds (ETFs) in the United States. John O’Loghlen, however, emphasized that Coinbase’s initiative is not intended to compete with ETF players but rather to provide a convenient avenue for individuals to enter the crypto market through their self-managed pension funds.

With momentum building in the crypto space globally, particularly with the approval of Bitcoin and Ethereum spot ETFs in the U.S., Australia may also see similar approvals in the near future, further fueling the interest in digital assets among pension investors.

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