Bringing safer and easier crypto access Down Under

By Nana Murugesan, John O’Loghlen

Product

, October 4, 2022

Bringing safer and easier crypto access Down Under

Today, we announced the expansion of our services in Australia detailing how Coinbase is making it easier and safer than ever for Aussies to access the crypto economy.

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.

Aussies were some of the world's earliest adopters of digital currencies, and they are savvy investors. We know this because Coinbase was one of the first platforms Australians trusted with their crypto investments. Now, we want to elevate their experience using Coinbase. What’s more, Australia is a hotbed of fintech innovation - we looked hard across this space to better understand the market, and recently hired John O’Loghlen to lead our local team. 

John and I announced at an event in Sydney today how we’re enhancing our product offering in Australia. First, we are introducing PayID as a way for Australians to top up their Coinbase accounts using direct Australian Dollar transfers. Second, we’re offering Retail Advanced Trading to Australian-registered customers. With Advanced Trading, customers can access low, volume-based pricing and powerful trading tools with one unified balance. Finally, we’re providing 24/7 chat support to our customers in Australia.

Deposit with PayID

At Coinbase, we believe in collaborating with governments on initiatives related to blockchain technologies, Web3, and digital assets. We've also prioritised regulatory compliance from the  earliest days of the company. In Australia, we have incorporated Coinbase as a local entity (Coinbase Australia Pty Ltd), and obtained registration and enrolment with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services. We believe Australia is well positioned to lead the world in its approach to crypto: promoting user safety and innovation through smart regulation, and ensuring consumer protection in an ever evolving asset class. 

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.

Aussies have a history of embracing innovation; our experience in the market is evidence of this. We were recently welcomed as members of Blockchain Australia, the country’s peak industry network for businesses implementing or evaluating blockchain technology. And, through the Coinbase Institute, we have collaborated with the Royal Melbourne Institute of Technology on research about Web3 and the future of finance in Australia. “The arrival and availability of Coinbase in Australia is another significant step in Australia’s transition to a digital economy, to help consumers and businesses realise the opportunities that cryptocurrencies and Web3 technologies can bring,” said RMIT Blockchain Innovation Hub co-director Distinguished Professor Jason Potts.

We have also invested in Australian Web3 and crypto projects through Coinbase Ventures, including local favourites like ImmutableX, CoFiX, Synthetix, Block Earner, and CryptoTaxCalculator. We have also invested across the Tasman in New Zealand. Finally, we supported the growth of the Australian Web3 ecosystem by providing them access to new tools and technologies. We will continue building partnerships, and investing in the country.

Australia is a priority market for us, and we are excited to continue promoting economic freedom down under.  

Cheers,

Nana & John

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Nana Murugesan

About Nana Murugesan

Nana Murugesan is the Vice President of International and Business Development at Coinbase where he leads the company’s international operations and global partnerships. Previously, he was the Managing Director of International Markets at Snap Inc. where he led Snapchat’s international expansion and strategic partnerships.

Earlier in his career, Nana was the Vice President and General Manager at Samsung, where he served in a number of strategy, partnerships, and operations roles to launch and grow their Galaxy smartphone and services business, notably Samsung Pay. He also held product roles at Cisco and strategy consulting roles at BCG.

Nana received his BE in Engineering from the University of Madras, MS in Engineering from the University of Wisconsin-Madison and MBA from The Wharton School at the University of Pennsylvania.

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