John O’Loghlen, the managing director of Coinbase’s Asia-Pacific division, recently announced that the company is working on a new service specifically aimed at Australia’s self-managed superannuation sector, according to a report from Bloomberg. Coinbase, the largest cryptocurrency exchange in the United States, is focusing its expansion efforts on meeting the potential demand in Australia’s growing self-managed pensions industry.
The self-managed funds in Australia have been increasingly investing in cryptocurrencies since March 2019. O’Loghlen emphasized the simplicity of investing in cryptocurrencies for self-managed super funds, stating, “Self-managed super funds can simply make a single allocation, set it and forget it.” He further explained that Coinbase is working on creating an offering that caters to these customers, ensuring a seamless trading experience that would encourage them to continue using Coinbase’s services.
The interest in cryptocurrencies within the self-managed pensions sector may have been sparked by the launch of Bitcoin exchange-traded funds (ETFs) in the United States. O’Loghlen sees this as an opportunity for growth rather than competition, stating that it indicates a rising tide of interest that is big enough to attract new participants through their own self-managed portals.
Bitcoin’s value has been on the rise, reaching a new high of $66,400 this Wednesday. This surge followed the release of the Consumer Price Index (CPI) data for April, which indicated a relief in inflationary pressures. The cryptocurrency has continued to show bullish signals, striving to maintain stability around the $66,000 mark.
At the time of writing, Bitcoin is priced at $65,917.69, marking a 2.9% increase in the last 24 hours. The trading volume for Bitcoin in the same period amounted to $36,289,802,236. Over the past week, BTC has seen a price increase of 7.2%.
Please note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: OKX, a cryptocurrency exchange, has announced the launch of its platform in Australia, providing further details on the expansion. Coinbase has encouraged Ripple and Robinhood to challenge the SEC’s tactics.