Coinbase (NASDAQ: COIN) recently announced it will be expanding its cryptocurrency services to Australia, in which is sees as a major asset.
Coinbase has also said that it will soon be implementing the Australian payments platform of PayID in order to more smoothly and efficiently transfer Australian dollars to Coinbase accounts.
"At Coinbase, we believe that advancing access to crypto and Web3 will further economic freedom around the world. This belief drives our international expansion efforts: it enabled us to be among the first platforms to offer access to crypto globally, the first cryptocurrency exchange in the list of Fortune 500 companies, and the largest in the United States," Coinbase wrote on its web page.
Cointelegraph, after speaking with Coinbase's vice president of international and business development, Nana Murugesan, discovered that driving further crypto business during the time of a bear market will usually end up paying off when a bull market does come about. Murugesan suggested that he feels generally very optimistic toward what he envisions in the Australian market to come.
"Australia definitely punches way, way over its weight in the APAC region, certainly at a global level too. And from a revenue contribution standpoint, I feel pretty good about what it's going to do," Murugesan said in a statement.
Coinbase will additionally partner with RMIT University's Blockchain Innovation Hub in order to survey Web3 chances throughout the country. They will be working extensively with the University of New South Wales in order to make courses and relevant research programs.
Coinbase hopes to eventually extend into even more countries, such as Asia, in the near future. But according to Murugesan, some countries still have "unclear" crypto regulations, so he would prefer to focus on "markets that have clarity or are going towards clarity."
"Australia is also well positioned to take a lead on crypto legislation, both in the region and globally, by taking a proportionate and crypto forward approach to truly harness the potential of the crypto economy. We look forward to continuing our work with policymakers in Australia, to further our shared objectives to empower and protect consumers through crypto," Coinbase said on its website, regarding its expansion into Australia.