Coinbase incorporates in Australia and expands its offerings for retail customers

America’s Largest Crypto Exchange Coinbase has announcement expanding its services to retail customers in Australia, making it easier to buy, sell and trade digital assets.

Coinbase, which first entered the Australian market in 2016, allowing local customers to buy Bitcoin and Ethereumsaid it would introduce PayID as a way for Australians to deposit funds using direct transfers from their bank accounts.

PayID is a payment infrastructure built by the Australian financial services industry and the Reserve Bank of Australia, which allows people to link a mobile number or email address to a bank account to receive payments.

Additionally, Coinbase is rolling out Retail Advanced Trading, a new tool that will give registered customers in Australia access to powerful trading tools with a unified balance, as well as 24/7 chat support.

“Australians were among the earliest adopters of digital currencies in the world, and they are savvy investors,” the exchange said in a blog post. “We know this because Coinbase was one of the first platforms Australians trusted for their crypto investments. Now we want to improve their experience with Coinbase.”

According to the exchange, “Australia is a hotbed of fintech innovation,” so the company “searched hard” to better understand the market.

Coinbase launches Australian entity

To support its presence Down Under, Coinbase said it has incorporated a local entity (Coinbase Australia Pty Ltd) and registered with the Australian Transaction Reports and Analysis Center (AUSTRAC) to provide digital currency exchange services.

“At Coinbase, we believe in working with governments on initiatives related to blockchain technologies, Web3 and digital assets,” the exchange said, adding that it prioritizes regulatory compliance “from the earliest days. company days”.

Coinbase will also collaborate with RMIT University’s Blockchain Innovation Hub on Web3 research and the future of finance in Australia.

Earlier this year, Commonwealth Bank (CommBank), Australia’s largest bank, suspended the launch of its crypto-trading service indefinitely, citing market volatility and the need for an “appropriate” regulatory framework. “.