KuCoin Allocated $3 Million to “Bitcoin Australia” Crypto Exchange
KuCoin, the Singapore-based crypto trading platform, decided to invest about $3 million in Australia’s local crypto exchange, the so-called Bitcoin Australia. As reported by the Australian Financial Review (AFR), the KuCoin investment aims to help Bitcoin Australia exchange in its international expansion plans, but also to secure KuCoin’s presence in Australia.
While at the moment Bitcoin Australia has only three markets on which it activates, the new deal with KuCoin would enable its presence on no less than 50 cryptocurrencies markets, according to the report.
“KuCoin is designed for speculative investors and offers 300 different cryptocurrencies to buy and sell, and it doesn’t do any onboarding. while we’re a mass market approach, making us quite synergistic. We’ll build the consumer-friendly retail experience for people entering the market while supporting KuCoin for advanced traders,” stated the CEO of Bitcoin Australia, Rupert Hackett.
Bitcoin Australia considers the KuCoin $3 million investment very auspicious in the perspective of the growing cryptocurrency regulations across Australia
Bitcoin Australia CEO, Rupert Hackett, stated that the KuCoin investment in a value of $3 million came at the right time as the growing cryptocurrency regulations framework in Australia is targeting the crypto exchanges out there more and more.
Also, Rupert Hackett said that the Australian Transaction Reports and Analysis Centre (AUSTRAC), which is the crypto regulatory body across the country, follows the global climate of the crypto regulations.
Additionally, according to the recent report, Bitcoin Australia is now operating in the Netherlands and Canada, besides Australia, of course, but the company wants to expand on even more European markets. Now, assisted by the KuCoin crypto trading platform’s involvement, they might grow as much as they want.
On the other hand, the head of Payments Policy Division of the Reserve Bank of Australia, Dr. Tony Richards, stated in July that “the stability of the Australian Dollar means Bitcoin (BTC) is unlikely to be widely adopted,” so Bitcoin Australia might have to put some more effort into developing a broader market for its services across Australia.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.