U.S. cryptocurrency exchange Coinbase is developing a new service aimed at Australia’s self-managed pension sector, valued at $664 billion.
According to Coinbase Asia-Pacific managing director John O’Loghlen, the exchange is working on a product that will offer crypto investment options for portfolios, which make up about a quarter of Australia’s $2.5 trillion pension system. The service is still under wraps but aims to attract clients interested in making a single, long-term investment rather than frequent trades.
“Self-managed super funds might just make a single allocation and set it and forget it. We are working on an offering to service those clients really well on a one-off basis — to have them trade with us and stay with us,” said O’Loghlen.
The launch date for Coinbase’s new service is not yet known. This development coincides with Australia preparing to introduce spot Bitcoin exchange-traded funds (ETFs), following similar approvals in the U.S. and Hong Kong.
Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, suggests that self-managed superannuation programs, which control about a quarter of the country’s $2.3 trillion pension market, could become significant investors in spot-crypto funds.
Summary Review: as Australia moves towards embracing spot Bitcoin ETFs, Coinbase’s new service has the potential to attract significant interest from self-managed superannuation programs. These funds, which control a substantial portion of the country’s pension market, could become key players in the crypto investment space.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
