Even with a set of controversies this year, KuCoin, a global crypto exchange moves to Australia with a $3 million investment into a local exchange in return for a share of the local market.
Bitcoin Australia, the local virtual currency exchange, will use the investment to start knocking on the international crypto space. It will also help KuCoin “enter the local market.”
Reading from the context of the investment deal, there will be no conflict of interest as KuCoin will target ‘sophisticated investors’ but Bitcoin Australia will focus on the ‘mass market.’
Rupert Hackett, CEO, Bitcoin Australia, noted that:
The coming together of the two digital currency exchanges will “effectively create an exchange for intermediate and advanced traders, 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,” continued Rupert
For Hackett, the expansion journey has just started with the next stop being the United Kingdom after successfully spreading their wings to Canada and the Netherlands. Although Bitcoin Australia has already ventured into the U.K market, its aim is to give U.K cryptocurrency investors a ‘bespoke experience.’
Even with the current depreciating coin prices, Rupert’s eyes are fixed on the long-term potential. Instead of going the Initial Coin Offering (ICO) way, Bitcoin Australia has followed a traditional method of raising funds as it seeks to gain more trust from the people it’s serving both locally and on the international front.
The local Australian crypto exchange has in the past partnered with a payments platform with the aim of increasing more physical points for crypto traders to buy digital currencies across Australia.
As Kucoin, global crypto exchange moves to Australia with a $3M investment into a local exchange, do you think the exchange will be successful in entering the Australian market considering its share of controversy last month months?
Let us know your thoughts in the comments section below.