Recently, Singapore based cryptocurrency exchange, KuCoin invested $3 million in Australia’s local exchange Bitcoin Australia according to a report published by the Australian Financial Review [AFR]. The joint venture aims to strengthen Bitcoin Australia’s international expansion and also target the expansion of KuCoin in Australia, it said.
Currently, Bitcoin Australia has three markets. The partnership with KuCoin will help it to expand from three to over 50 markets in the span of two years, the report revealed.
In a statement issued to AFR the Chief Executive of Bitcoin Australia, Rupert Hackett said:
“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.”
In addition, the Chief said to the media that it was the right time for expansion due to the regulations introduced by the Australian Transaction Reports and Analysis Centre [AUSTRAC] to govern cryptocurrency exchanges. Moreover, in Hackett’s opinion, the AUSTRAC was very progressive considering the trends of the global climate.
The company has already made efforts to reach the Canadian and the Netherlands market. The firm will be aiming at expanding in European markets in the future, states the report.
On the contrary, SBSNews earlier in July quoted Dr. Tony Richards, the head of Payments policy division of Reserve Bank of America [RBA] saying that cryptocurrencies will not make its mark in Australia. He said:
“The stability of the Aussie dollar means bitcoin is unlikely to be widely adopted.”
The head argues that when a country does not have a credible currency, then comes the need for others and adding that Australia’s “Australian Dollar” is a credible currency.
However, the head was also reported saying that it is hard to avoid admiration towards the design of Bitcoin, despite the questions of whether Bitcoin [BTC] will have a significant role in the future of the economy.
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