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.
With a new joint venture which will see the Singaporean exchange expand locally and intending to use the funding to embark on its own aggressive international expansion.
The deal is seen as a win-win for both cryptocurrency exchanges, each seeking to expand into its own direction – Kucoin establishing a niche in the rapidly growing Australian market. Bitcoin Australia is targeting the UK next.
Bitcoin Australia chief executive Rupert Hackett told The Australian Financial Review the businesses had clear synergies, with KuCoin targeting sophisticated investors, while Bitcoin Australia aimed to make cryptocurrency trading possible for the mass market.
According to Hackett, the deal will result in increased demand for cryptocurrency from both Australian and international investors.
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.’
Australia is booming as a market for cryptocurrency, both as means of payment and as a store of value. About 14 percent of Australians now own a cryptocurrency of one sort or another.