COIN - Coinbase Eyes Australian Pension Market With Bitcoin Service Tailored For Self-Managed Funds | Benzinga
In a strategic move to tap into the burgeoning Australian pension market, Coinbase Global Inc. (NASDAQ:COIN) is developing a service tailored to the self-managed pensions sector in Australia.
What Happened: Coinbase, the largest cryptocurrency exchange in the U.S., is focusing on the self-managed pensions sector in Australia, a market that constitutes about a quarter of the country’s $2.5 trillion pension system. The sector currently has approximately A$1 billion ($664 million) invested in cryptocurrencies, Bloomberg reported on Wednesday.
John O'Loghlen, Coinbase’s Managing Director for Asia-Pacific, revealed that the exchange is tailoring a service to cater to these clients, who often make a single allocation and leave it untouched. This move comes as Bitcoin‘s (CRYPTO: BTC) price has surged by around 45% this year following the launch of ETFs.
"Self-managed super funds might just make a single allocation and set it and forget it," ...