According to Bloomberg, Coinbase, a cryptocurrency exchange, is working on a forthcoming service. It will provide crypto investment products tailored for portfolios representing approximately a quarter of Australia’s $2.5 trillion pension system. This news comes from John O’Loghlen, Managing Director of Coinbase Asia-Pacific.
O’Loghlen suggested that Coinbase’s upcoming solution is tailored for clients who prefer a one-time allocation rather than frequent transactions with the service provider.
“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.” John O’Loghlen
The timeline for the rollout of Coinbase’s new service remains uncertain. However, it coincides with indications that Australia is preparing to welcome spot Bitcoin exchange-traded funds (ETFs), following their approvals in the U.S. and Hong Kong.
It has been reported that from late April, the Australian Securities Exchange (ASX) is expected to approve the first spot Bitcoin ETFs for the main board by the end of 2024. Several issuers, such as BetaShares, VanEck, and DigitalX, are actively preparing to launch their products on ASX. However, a clear timeline for the approval of spot crypto ETFs is still pending clarification.
Jamie Hannah, the deputy head of investments and capital markets at VanEck Australia, suggests that self-managed superannuation programs, which account for approximately a quarter of Australia’s $2.3 trillion pension market, could become significant purchasers of spot-crypto funds.
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